i think there is a massive misconception with Z1P and how much it is competing with APT in the BNPL space. there is a reason why management have NEVER split out zipmoney and zippay - zippay is a far more profitable business line (capital comes back in 6-8 weeks, instantly recycled, very high ROIC) vs. zipmoney which is akin to traditional personal loans and finance, much longer dated and far lower ROIC. i have done some rough calculations and would suggest zipmoney is about 1/5 as profitable per dollar 'lent' vs zipmoney.
the market has been asking z1p to provide a split between the two businesses for some time, so you've got to ask, why have they not been transparent?
full disclosure: i think this is a disruptive company that will take significant share from flexi/latitude, though i believe a lot of people covering this name have got their numbers very wrong on assuming a much higher % of the GMV is through zippay instead of zipmoney
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