Objective Analysis: Psychology of using BNPL, page-160

I suggest you read the financials. APT has a miniscule $20 per customer revenue ($220 million per year). They have essentially saturated the ANZ market and are an insignificant player in the US and UK markets. They need an absolute minimum of 200 million (probably closer to 500 million) customers to earn just $1 billion and a P/E of 20:1. It is never going to happen.