Afterpay Valuation, page-355

From a NABTrade 2018 research paper;

What is getting hearts racing, though, is the speed at which Afterpay recycles its capital.Australian banks also make a net interest margin of around 2% on the difference between what they charge borrowers and pay to depositors.But what they earn in a year, Afterpay earns in six weeks. Customers are contractually required to repay AfterPay over 56 days, so its net transaction margin amplifies to nearly 15% on an annual basis.But, somewhat amazingly, customers are repaying Afterpay nearly twice as fast as they’re required to, which amplifies its annualised returns to nearly 30%.

I suppose you'd also have to consider that in a rising interest rate environment (albeit non existent at the moment) Credit Card rates jump very quickly, which may push users into alternate platforms such as BNPL