Samyvalue, - you keep bringing this up, so again I ask you, what...

Samyvalue, - you keep bringing this up, so again I ask you, what evidence have you got that this funding hasn't been arranged? Anything at all apart from that it hasn't been announced?

I find it hard to believe that they would be this far down the track with the BNPL product and not have all the “behind-the-scenes” structures in or almost in place. If they didn't - as you are suggesting and insisting on - it would be rather incompetent on their part, and I haven't seen any reason to suggest they would be.

It just doesn't make sense to me that they would be in full on marketing / merchant sign up / client sign up mode and not have structures / funding in place to support any large surge in TTV.

I get that the wholesale funding hasn't been announced, but could something not be arranged / in place /set up and yet not in use? - thus, a possibly reason it hasn't been announced? Could it not be fully set up and for some other valid reason they don't feel it is sufficiently material to announce to the market?

Perhaps they are currently using their current cash to fund BNPL until it’s not enough and then the other funding kicks in. This would make sense (to me at least) as it saves on funding costs until they absolutely need it. Perhaps only when they need / start using the funding then it activates and then possibly there becomes a need to announce it to the market. Perhaps they have some temporary or initial funding arranged and are still looking for more competitive arrangements? (Possibly through recent purchase)

As mentioned in the above post, I tend to give them the benefit of the doubt that they have this all under control. This is their job after all.