Thanks khtan for the detailed response. Your response to 1) makes a lot of sense and they do own the relationship with the customers so that's great for them. However I'm still not convinced their moat is very deep. Have a look at Afterpay Money in Australia for instance and the various savings feature they now offer. I won't be surprised if they move quickly into other financial products such as ETFs, crypto, superannuation etc. I'm guessing the user overlap between Afterpay (and other BNPL players) and Raiz is significant.
