What can drive SP up?, page-167

You would expect all BNPL to have a gangbuster final quarter as the last of the stimulus subsidies are spent and the previous travel budget is expended but once vaccines are rolled out and people start setting aside money for overseas travel then retail sales are expected to fall off a cliff as forecast by Deloitte's.

As inflationary pressures start to build you can expect bad debts to increase significantly.

Zip already expend 58% of income on bad debt and interest expense and as they are slower to turn over the loan book then interest expense will start to make a difference to the bottom line.

Even the TTV growth curve will top out and roll over making it harder to raise money on declining turnover

All in all a perfect storm for many BNPL to go out of business