Afterpay Valuation, page-5460

Your analysis is spot on pp. If the current correction turns into a full blown bear market in tech stocks, all of the BNPL start ups which have popped up over the last 6 months will disappear as magically as they appeared, leaving only the well established and well funded to survive and prosper. Zip is certainly better placed than the vast majority of its smaller rivals, but is a very long way behind Afterpay, Klarna and Affirm. Whilst Quadpay is their obvious growth engine, if capital becomes scarce, their loss-making and capital intensive ANZ operations could kill them.