the business model re BNPL not proven long enough to warrant $10bil cap. BNPL not a traditional sector to value. also no comps. this was the only setter or 'disrupter' for that extreme valuation mark.
All the other major BNPL firms its comp to, are all private companies with no records, mostly foreign owned with no market price for them and no profits records.
Cant Comp it to paypal, Visa or a Square or Shopify, as those are in established traditional areas, none of which offer BNPL, and also all of them are profitable models pre covid. So there was no comp or marker for that $10bil valuation.
Price to sales? Doesnt apply. its not a SaaS or a payments.
Now at $5.5bil, i struggle to understand how its worth that. Its expensive.
