I don't know if a $25B market cap is justified for APT but it...

I don't know if a $25B market cap is justified for APT but it should definitely have a much larger valuation compared to Sezzle.

My fear is that the first 10 million users is the easiest. When the big merchants are going to look for a BNPL provider, they're going to look at ones with the larger customer base. If eBay US were to consider BNPL providers, I don't seem them considering the small players such as Quadpay or SZL, they're going to be looking at APT, Klarna and Affirm.

And if eBay US were to find a partnership with APT to be successful, they would probably push for it in over countries as it's the US head office's responsibility to ensure that their global operations are successful. Though if your story doesn't include Sezzle becoming an international BNPL player then this probably won't affect the big picture valuation.