Personally, I see shorting Z1P as a reasonable strategy and will...

Personally, I see shorting Z1P as a reasonable strategy and will consider shorting it again above $7. The losses are just too heavy. They've been floundering for the past few quarters and just can't seem to demonstrate the ability to land large clients or partnerships. Sure they can get Amazon Australia, but the Australian e-commerce scene is too small to count for anything.

ANZ has plateaud for them. UK is going nowhere. Their other global expansions are looking weak outside the US. It'll be years before we can see if their acquisitions will bear fruit. Mexico and Saudi Arabia are just going to spike the bad debt levels. I don't think those two areas are even worth entering.

Seems like management is a bit stuck. If they don't show growth, the share price will collapse and they will be unable to raise capital, so they need to keep expanding, but expanding into risky areas is completely counterproductive. Either way, they probably would have done a lot better to rename Z1P to QuadPay instead.

I've done the maths and extrapolations, I think Sezzle is likely the BNPL with the best potential at this current point in time on a number of metrics. My only concern with them is bad debt expense, which is a lot easier to manage.

Affirms' bad debt expense dropped from 9.2% to 5.8% PCP. Sezzle is at 3.4% at the current point in time.

My thesis is here. You're welcome to poke holes at it. https://hotcopper.com.au/threads/the-bull-case-for-szl.6296438/