Target $9.82, page-43

Hi @Jdmoney, yes Affirm is an interesting one, they seem to use a variable pricing model (the ratio between what they charge the merchant and what they charge the customer is not fixed). I had a look through the offering document they lodged prior to their IPO and there were a couple of significant line items I wasn't familiar with. At the end of the day, they are earning quite a bit more revenue than Afterpay (and Zip), but still making a significant net loss (around US$100m). They are also growing slower than Afterpay US and hence much slower than Quadpay. Regardless of all that, the market (US) seems to like the story.

IMO Afterpay is cheap compared to Affirm and Quadpay alone (ie attributing all of Zip's value to Quadpay) is an absolute steal.

You don't happen to have any theories on how Zip managed to pick up Quadpay at what looks like a ridiculously low price?