Ann: ZIP CEMENTS ITSELF AS A TRUE GLOBAL BNPL LEADER, page-444

Mate PE is a very bad indicator for growing businesses I would rather go for revenue multiples. Apt is overvalued no doubt I would never invest a single penny but you can’t compare Apt with dot com where revenue was not there at all. BNPL including Apt are here to stay we cannot compare them with credit card companies which are like wholesalers selling to merchants who ultimately have the customers, here BNPLs have the customers directly and they are in a position to rule the merchants.

BNPLs will in the long run provide other services as well so innovation is more important then the existing market.

If afterpay had 5 percent of MC in revenue I would love to jump into it but not otherwise because then it enters the excessive speculative terriotory!