APT revenue to TTV generation worst in the industry at 4.48% of TTV, page-12

So you’re asking why Afterpay is earning less revenue per sale than the rest of BNPL, despite charging more in merchant fees?

I don’t know, and I don’t really care to further investigate. Why would I? As per the last financial year reports, Afterpay generated a revenue of $519.2 million (up 97% year-on-year), and total sales of $11.1 billion.

Zip reported a revenue of $161.2 million (up 91% year on year), and a transaction volume of $2.3 billion.

It’s not even clear what Afterpay, and the likes of Klarna, charge merchants on average (information varies).

I don’t think anyone’s really asking why Afterpay might have a lower revenue to ‘Total Transactional Volume’ because I don’t think anyone really cares. Considering that a revenue doesn’t include expenses, lets assume one of us has probably just miscalculated something at some point here.

What matters to me is that whatever Afterpay is doing is working, and I’d comfortably argue that it’s working faster than any other BNPL company right now.