The Bear Room, page-15

I mentioned this morning that the 'Google partnership was unlikely to have been price sensitive or even noteworthy because all BNPL businesses have their badges put on Google's site as and when they can, in exchange for issuing Warrants - it's good business for both sides - if for instance ZIP suddenly gets a lot of commerce from Google's site, then commissions flow and ultimately if it spurs ZIP on to great things then those Warrants are presumably exercised and both sides win. Unfortunately it is only a punt heavily stacked in Google's favour, which is why they are uber riche.

AMPdMobile knows there is form with this type of 'partnership', 'contract' and 'pilot' in other areas - even to the extent that they razzed themselves up to the extent that the BNPL business concerned was going to shave off 3% of Google's revenues (or a percentage thereof) which was calculated to some extraordinary multiple of billions of dollars. The devil is in the detail.