breaking it downafterpay14.6 mill active customers86,000 active...

breaking it down

afterpay
14.6 mill active customers
86,000 active merchants
$800 mill annualized revenue
$34 bill MC

ZIP
6.4 mill active customers
45,000 active merchants
$450 mill annualized revenue
$4.5 bill MC

Sezzle
2.6 mill active customers
34.000 active merchants
$80 mill annualized revenue
$1 bill MC

IOU
zero active customers
75,000 integrated merchants
$8 mill annualized revenue
$250 mill MC

So what would it take for IOU to get to $1 bill MC?
as you can see it’s not a simple multiple of 1 metric
points are given for each of the above
I can see a scenario where IOU switch on say 25,000 merchants; get to $25 mill in revenue; and achieve 1 million customers and get the $1 bill MC

why?
because they have already integrated 75,000 merchants;
they are exposed to massive populations; and they have a strong history of relationships / network partners - and most of all because they have a potential for extreme velocity