Afterpay Valuation, page-2610

They settle within 24 hours. Hence one reason why merchants like it. Other bnpl's can take a lot longer. Once we achieve say 25m customers, in theory they could need $37.5 billion cash on hand. Very unlikely scenario, but in the weeks leading into Christmas, if even 10m customers spent their full allocation of $1500au that would require $15b to fund it, despite the fact that 50% would be returned in 1 month. Obviously with a huge rotating book they have money going in and out every minute of every day.