Afterpay Valuation, page-2586

This is probably the best analogy for the BNPL space. Like Uber, APT will raise capital in order to expand and defend their market share. Business may not be profitable, burn cash like nothing else but its about maintaining their landhold, vs competitors who are aggressively trying to land grab. Transactions may be marginally profitable but overall bottom line will be constantly in the red as they require high cost marketing for customer/consumer acquisition and/or retention. Uber goes to show that even with scale, the intensity of competition (among other things) have prevented them from turning a profit. Fabulous growth metrics, don't get me wrong. Very similar to Uber's prospectus but ultimately zero sum game.

Awesome trade though for whoever rode it from the lows. Anything even close to $66 is a bit exxie. Though perhaps anticipate a % pump to allow the instos to get out at a profit.