Humm is profitable.
For most of 2021 they have traded on between 1-2x revenue.
It is more nuanced than: “make profit, get 10x multiple”.
Completely agree IOU need to avoid bad debts, that is what is killing Zip (49% of operating income is written off) and Sezzle (54% written off as bad debt).
So far IOU have managed this very well, but it has clearly stifled their growth. That explains the conundrum for this sector: the market wants fast growth, AND profitability. So far the other major BNPL’s are only scaling towards bankruptcy: https://hotcopper.com.au/posts/60548939/single
$1 Club, page-30081
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