This might sound crazy, but I think Afterpay could become a bank in the not too distant future.
They will have close to 5 million retail customers in Australia at peak, and >50,000 small businesses. They can set up a cashless payment service like Square Cash or Venmo; they can take deposits; pay interest; allow users to invest their money straight from the app. No bank account needed - all through them. With the data they have - and will build up - they can lend money confidently at lower rates to consumers or retailers/small business.
Not only that, because of the trust and loyalty they have built with customers, they can roll out loyalty programs, rewards and create an ecosystem of benefits to both retailers and consumers.
I am also looking at a ~50million global users opportunity in 3+ years. So much upside here, the mind boggles...one of the most exciting Australian companies I've seen in my 18 years of investing.
