Thanks khtan for the detailed response. Your response to 1) makes a lot of sense and they do own the relationship with the customers so that's great for them. However I'm still not convinced their moat is very deep. Have a look at Afterpay Money in Australia for instance and the various savings feature they now offer. I won't be surprised if they move quickly into other financial products such as ETFs, crypto, superannuation etc. I'm guessing the user overlap between Afterpay (and other BNPL players) and Raiz is significant.
Afterpay money:
https://www.*.com.au/money-with-afterpay-app-business-model-2021-7
Having said that, Acorns is about to go public at a massive valuation and maybe there is enough room for everybody to grow nicely
Thanks khtan for the detailed response. Your response to 1)...
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