Afterpay Valuation, page-2613

I'm not sure if debt or equity has anything to do with customer spend. Afterpay (and all other BNPL providers) use warehouse funding facilities to fund all these transactions and Afterpay pays annual interest on the amount within the funding facility that is being used up. This is seperate to debt or equity.

It's not like Afterpay needs to raise capital or debt to expand into new markets because of a lack of cash flow. They just need a funding warehouse facility with a bank in that country. The capital that Afterpay has been raising is to fund acquisitions, new product developments and most importantly marketing.

At least that's how I understand it. Happy to be corrected.