This is a very reasonable question, although the vitriolic...

This is a very reasonable question, although the vitriolic response you received is not atypical.

Zip actually has ~$1.1b of warehouse funding facilities that mature within the next 12 months with drawings under those facilities standing at ~$950m at 31 December 2020. It is not unusual for these type of facilities to have relatively short tenors and in the normal course of business it would be expected that these facilities will be extended for a further period prior to maturity. In the unlikely event that there is a significant dislocation in capital markets and the facilities were not extended, the drawings would be repaid using the funds from the repayment of Zip's receivables (these warehouse facilities are secured against the receivables which they are funding).

Whilst it is a relatively low probability, a loss of access to debt funding is a high impact tail risk inherent in Zip's operating model. The business has an extremely heavy reliance on debt to fund its growing receivables book with 31 December drawn debt of over $1.5b supported by shareholders equity of less than $200m (this will be doubled to ~$350m on a pro-forma basis for the recently completed capital raising).