What’s the need?
Obviously they are struggling to get quality merchants on board and using splitit when they are either paid for the sale in instalments or need to enter into a factoring arrangement.
Paying the merchant upfront is the only way this model can get traction. This means having to borrow constantly, as APT, Z1P, OPY, SZL etc do and do plenty of cap raisings as the BNPL players are doing.
SPT will need to charge merchants more than the current rate as there’s no business model in borrowing higher than you charge. This means SPT now needs to invest more & more into their platforms to compete with BNPL players as a point of difference
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Ann: Quarterly Report (Appendix 4C), page-114
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