Your points are well made and I agree. The Guardian article...

Your points are well made and I agree.

The Guardian article states the bias to Australian BNPLs: "Most BNPL apps’ 2021 reports were bad, as sales growth declined, credit losses increased and cash burn increased, with a number seeming questionable in cashflow terms".

Reasons like competition, losses, bad debts, RBA changes and flat sales are not meaningful enough for IOU's sp drop?

There are reasons apart from the article (they caused shs dismay), that make me impressed with IOU including the steady way IOU have delivered a marketable NBPL product during Covid. They are not rushing in to make a bang and funding is still out of their back pocket. They seem to acknowledge the mistakes in the NBPL industry especially with rampaging costs. Their other businesses are making headway and collectively the overall package is of a business working towards a new definition of a digital bank. That IOUpay will hold 42% of I-Destinasi Malaysian Finance Company gives variety again to the direction IOU might take.

I keep harping on about profit.
Your No.3 on breakeven does not provide numbers. Maybe you mean breakeven is in terms of the recent small annual loss. If not, can you quantify this no.3 answer of why we are near breakeven. To clarify, I am not saying we need to have profit now as current losses are implied necessarily. It seems to me that BNPLs are getting punished because no where is the profit model working.

Here's my reasoning (Happy to be challenged on this):
A business needs to be able to acknowledge all processes (revenue and costs) by which they aim to profit. Most businesses can break apart profit and cost centres to determine if the individual units will continue to be a success. It seems BNPL's cannot deliver this info to the market. This is my one and only beef. I am not able to make BNPL work on the 2 reported metrics (TTR and NTR) that cannot gauge success (and by that I mean profit for investors). Portraying the growth in these metrics and merchants onboard do not establish a revenue figure and nowhere is there a cost per transaction that gives the vital clue of profit per transaction.

This is the one reason that makes the market ill-informed on where IOU may end up.