I liked what you say about quality merchants. Not happy about...

I liked what you say about quality merchants.

Not happy about using the APT as benchmark. Nor any other BNPL that fails to make a profit. We need a real profit not some manufactured sp gain based on promises. IOU has to be different as you say - but in much more. Addressing profit per transaction where all costs incurred in creating the transaction would be a great start.

No one knows - including me - what the breakeven point is with the 2 metrics, TTV and NTR. I would say TTV is a variable cost metric. Clearly as time goes deeper forward, the more IOU's TTV goes up the more likely it is due to advertising spent (currently there would be an excess of BNPL advertising dollar that might favour all BNPLs at once).

Somewhere between a profit figure and breakeven numbers would provide shs with proper understanding.