Competition, page-7

It's very different to a digital bank. A digital bank relies on individual customers who can come and go with less and less friction these days. Afterpay has built a large network of retailers from small to enterprise in size. These retailers won't be so quick to flip to a new fintech.

Not only that but digital banks generally just offer deposit and transaction type services, not lending. Afterpay has built up a $500 million monthly transaction capability through large equity raises and debt facilities, a non-trivial amount. This will soon double with the launch of an international debt facility.

Lastly, I really think there's something to be said about good management and I believe the founding team behind Afterpay have done a tremendous job of keeping focused on the core simple capability of Afterpay, expanding to soon-to be 4 jurisdictions and batting away ASIC reviews and Senate inquiries.