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Perhaps the market is a bit crowded and consolidation is necessary. The BNPL concept is powerful, why else so many copycats; CBA, PayPal, Apple. Like all startups, it takes time to get to cashflow positive. The key is great management. Fortunately PostPay has that. Sezzle openly admit they are just copying Afterpay. (They probably lost ‘their’ vision/North Star, when Afterpay went into Block.)
First mover advantage and aggressive land grab certainly benefited Afterpay.
BNPL is here to stay. Execution needs to be nuanced.
Block integration of Afterpay will be great for Block/SQ2, but make it even harder for the smaller BNPL players in the US in particular. PostPay in UAE+ and Happay in China should still do fine if we’ll run.