In addition to my above post, and for what its worth, I do think BNPL (APT/Z1p) is fairly overrated. Lack of moat, still struggling to turn a profit. Client base is also dodgy - respectfully, it appeals to the financially irresponsible (if you have to split a $100 retail purchase over 4 weeks 90% likely you probably shouldn't buy it in the first place), and this particular demography is associated bad debts.
I think the nosebleed valuations on APT/Z1p were speculation on the companies doing well overseas (and FOMO/momentum of course). But needless to say the track record of Australian companies competing overseas in any industry is generally poor.
Nevertheless customers who use APT/Z1p seem to like the service (looking at you KGN), and taking a walk in Sydney, I see z1p and APT stickers on store windows everywhere but never other BNPL companies. That counts for something.
BNPL may continue to grow (its not revolutionary but its not useless either) but the previous valuations were never realistic in the first place. But then again BNPL interest seem to be one constant FOMO cycle so who knows what happens on the next good news day.
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