Is the company in bad shape?, page-26

This is exciting stuff - CBA buying into Klarna, Tencent buying into APT, Zip buying Quadpay, it’ll be interesting to see what happens with SZL.
Was interesting to see Quadpay’s numbers too - larger than I had expected, and not sure how they’re making that much revenue from the ‘buy anywhere’ stuff - ie if a customer uses that card at a store not integrated with QP, how are QP getting paid? They’re not getting a 4-6% fee, so only clipping the transaction? Which I’d have thought their losses would be colossal - ie extending BNPL product to customers but not collecting the 4-6%.
Based on that valuation though SZL is arguably significant undervalued by comparison.