Think it’s an oversell. The sector is hot and growing. A consolidation with a provider like Sezzle would be interesting since they’re predominantly operating independently of each other in different markets at the moment. There are also a host of other potential suitors in an acquisition event. Fundamentals should surely bounce this after the spin out of BNPL fades. It’s tracking at 3-4*revenue on it current trajectory. Low by anyones standards. Admittedly it’s a crowded field but much like credit cards this won’t be a 2-3 horse race. Plenty of room for lots of providers.
Their lack of aggressive investment in the business suggests to me they’re holding off on a diluting cap raise giving themselves a bigger cash runway.
