It only took you two sentences to reveal you actually know nothing about BNPL.
"Struggling to turn a profit" is not recognizing that these companies are reinvesting into growth. Sure, they can do a HUMM, expand to New Zealand and Ireland, let Affirm take the US, let Klarna take the UK, sit back enjoy the spoils in the ANZ market and show you a nice positive profit at the end of the year. Would I buy this company? Hell no, I might as well buy a bank. Saver, provides dividends and probably grows just as fast. GTFO with the "struggling to turn a profit" rubbish.
The next comment "if you have to split a $100 retail purchase over 4 weeks 90% likely you probably shouldn't buy it in the first place" is the real kicker because you clearly are not understanding what BNPL is about.
In addition you should read the PDF (make sure it's the PDF, not just the summary) "How millennials manage money" to give you an insight into the type of people using BNPL. What may surprise you is that the average Afterpay user earns more than the average non-afterpay user which contradicts the notion that BNPL is for the poor (The study is Afterpay based but would extent to Z1P due to the homogenous nature of the products). The low default rates and arrears rates as well as declining late fees as % of revenue (for both APT and Z1P) also contradicts this notion.
There is no point investing in BNPL if you don't understand the psychological aspect as well as the type of users that are drawn to this product.
(20min delay)