B2C is failing all over... The product is more challenging from...

B2C is failing all over... The product is more challenging from a cashflow point of view, as the traditional very short term BNPL does not receive any income from the borrowers and all from the merchants, and compete with cards companies on fees. Some longer term BNPL add account fees paid by the borrowers. Still, they fundamentally earn an implied fixed rate while their funding costs are on a floating basis. So their profitability has been crushed as central banks have been hiking rate big time. B2B cashflow definition gives more pricing control to the lender.

B2C also seems to require a lot more spending in marketing. Looking at the listed ones gives you a crazy picture.... (far worse than Spenda!). And regulations are also coming for B2C, which will further constrain cashflows and add tot he costs.

Finally.... Apple will kill them all.... They're rolling out BNPL as part of Apple Pay, with pretty much no marketing needed. Bottom line, I think the B2C product will end up folding into the product offering of the bigger guys, who will spend less on marketing and tech.

B2B requires a lot of knowhow. It may look easy to roll out lending to small businesses, but to embed it into software packages, you need to know what you're doing in specialised verticals. There is a lot more room than in B2C to add value I think.

B2C as the final payment offering of a solution offered to a distributor, that includes servicing its suppliers and other "value added" pieces of software is possibly valuable, though will capture a small margin of the client flows, which I think will use mostly Apple Pay and the likes.