I'm not sure you are looking at the same company that I am...

I'm not sure you are looking at the same company that I am looking at?? In NZ they launched around the same time as Afterpay did, and beat them. In the UK it looks like they are the #3 BNPL there after Klarna and Afterpay. They seem to have a lot lower cost structure than the others, so appear to be more nimble. And they have obviously had a lot less capital than all the other players. So they must be doing something right.

Biggest problem is that Laybuy haven't been able to get traction with investors following the IPO. The growth is very strong, the numbers are good, the market size is large. They need better focus on investor relations and to get the story out. Their brokers from the IPO don't seem to be doing a good job of showing how undervalued Laybuy is compared to the competitors. On a valuation and metrcis basis LBY is the pick of all the BNPL companies.

Zip are most likely going to struggle in UK given how late they are and their product is the same as Afterpay (or it will cost them a huge amount of money to grow in the UK). If Zip do struggle, I would expect that they would seriously look at making an approach to Laybuy. Given the valuation differences it should be an easy decision for Zip. It would also make Zip #1 in NZ, and allow Zip to role out a weekly payment offering to all their merchants under the Laybuy brand. You would expect that at some stage Sezzle would also be interested in the UK. Their easiest entry into the UK would be to buy Laybuy (and the Laybuy product could be offered to Sezzle merchants in the US).

Cheers
Marv