Does Afterpay has a moat?, page-43

First mover advantage is a pretty soft moat IMHO. In fact, the whole BNPL is just a reincarnation of lay-buy, which has been around for over 50 years. It really is not difficult to replicate APT's business pretty easily. Those that already have a significant database of customers could easily surpass them in a flash. There is no special IP or proprietary software to create barriers to entry and, with lofty valuations of $9 billion despite annual losses of $40 million +, who wouldn't want a piece of the action?

Good luck to all. I suspect you may need it.