Ann: IOUpay Acquires 42% of I-Destinasi Malaysian Finance Company, page-234

The deal doesn’t secure one single additional customer for their BNPL business - they’ve bought 40% of someone else’s profits. Any collaboration/cross-promotion presumably could have been achieved without equity stakes.
I think the market is going to punish them for this until they make it clear what specific tangible value has been gained for 90% of our cash reserves. The $50m in the bank was key as it was believed to be directed toward exponential growth of the BNPL business. We can’t expect to be valued on high BNPL multiples and then go playing in the 10 year credit space - that’s not BNPL, that’s banking.