buy now pain latter, page-62

Not in my opinion. Not all BNPL are equal with ZipMoney being far less lucrative than ZipPay. Affirm is a ZipMoney type lender that's looking to transition into ZipPay type lending. Similar to Humm, but probably a few leagues above that sheit stock.

APT and SZL are pure BNPL. Z1P has made the successful transition into BNPL with the majority of its AU revenue coming through ZipPay and in the US Quadpay is a pure BNPL.

The ability to engage customers and build relationships, the capital efficiency and the risk profiles are vastly different between ZipMoney and ZipPay type products hence why I said not all BNPL products are equal and hence the push for every "BNPL" company rotating into this space.

Affirm is still a bit of a question mark and in my opinion carries a lot of execution risk.

PayPal is a threat but they are missing the customer engagement (e.g. bad reputation and lack of marketplace).

Klarna is aggressively expanding but they carry a banking license which means they have to hold vast amounts of capital as reserves to comply with strict banking regulations. This may hold them back a little but having said that, they have the highest capital ratios I've ever seen in a bank so they are pretty well positioned for growth.

Without focusing on over/undervalued and just looking at the companies and products I rate them as: APT > SZL > Z1P > Klarna > Paypal > Affirm > the rest > HUM.

Hence why I rate Klarna and Paypal as higher competition than Affirm. AIMO