$1 Club, page-30544

My take:
IOU BNPL has failed!
BNPL requires 3 things:
1) wholesale funding - this would come from a bank - without this its over! IOU have completely failed to secure this funding. Why? because they couldn't get the business airborne - failed app launch, failed app relaunch, failed use of their own funds - spending on IDSB has horribly shortened their BNPL runway
2) access to large volumes of merchants - failed tie-ups with merchant channel partners - you can sort of blame covid - but I dot think IOU ever had enough of anything to make this work
3) Large volumes of happy customers - no scale, not enough satisfaction...

IOU can only hope to limp on with micro margins on digital nonsense - and an annuity from IDSB - hardly the stuff of an ASX listing