Ann: FY21 Annual Report, page-6

1.25K merchants.. keep in mind that the average sales order is $1000+. This equates to 1 merchant sale equals 10 other BNPL sales each worth $100. So 10 BNPL merchant sales would equal 1 SplitIt merchant sale - meaning 1250 merchants is equivalent to 12,500 BNPL merchants. Now with the white label partners such as SplitIts merchant TABBY they have 2000 global merchants.

The 1.25K merchants does sound low but they have just started the sales cycle in Sep 2021. Need a couple more good sales quarters ands she will move. (ie Google) This is just another point of view.

Related news:BNPL Firm tabby Nets $50M, Ups Value To $300M

The business to business to consumer (B2B2C) company works with over 2,000 global brands including Adidas and Ikea, as well as small and medium-sized businesses (SMBs). The Tabby app has more than 400,000 active shoppers with 3,000 daily downloads and earlier this year, the BNPL provider unveiled its own loyalty program, offering a cash-back incentive to users who shop with the Tabby app.

eCommerce Penetration, Fragmentation and Regulation

In June, the Dubai-based firm entered a strategic partnership with New York-headquartered, card-based BNPL service, Splitit, with the aim to offer existing tabby merchants and customers additional white-label solutions like the opportunity to extend installments on credit cards.