AFTERPAY RAISING $1 BILLION, page-48

Afterpay needs a ton of cash to operate. They are holding loans remember. From what I understand for every dollar they receive in revenue they need to hold an extra approx $20 for 14 days. (Assuming 5% commission and not including bad debts). If they keep expanding they will need to keep borrowing (real revenue x 20). Expect this to continue. If the positive sentiment continues then it won't be a problem. If negative sentiment appears either in Afterpay or global markets this could become an issue.