IPO - Openpay Group Ltd, page-128

Yes but to grow they need A LOT of funding whilst the income slowly dribbles in.

The problem also is with so many BNPL players each vying for market share, it could be a race to the bottom with customer demographics and the ability for customers to repay without falling into hardship. It the one thing I like about Afterpay - the $150 average spend means less risk compared to Z1P & OPY with much higher average spend by customers