I will try and give you some help here, unlike other BNPL,...

I will try and give you some help here, unlike other BNPL, Splitit doesn't need thousands of merchants for two main reasons, when large merchant like Canyon bikes offer Splitit checkout share is much higher because their average order value is high (above $1000) compering to APT or SZL that present overall AOV of $150, consumer will not use APT or SZL to buy high ticket items since they offer 4 installments over 6 weeks unlike Splitit that offer installments up to 24 months.

so when BNPL merchants AOV is $150 they need thousands of merchants - Splitit merchants AOV is around $1000, so it's like every merchant of Splitit equal to 10 merchants of APT or SZL.

second is the audience who use Splitit - consumer that would like to buy $3000 bike the opportunity to pay it over 12 months with Splitit is something no other solution can give and this is why you see a 21% share of the checkout, my estimation is that Canyon is will contribute around 70m or more PA to Splitit.

conclusion - if Splitit will have 10 merchants like Canyon they will process - $700m PA, right now I understand they have, Nectar, Purple, Canyon, JamesAllen, Simba - those alone should bring the number to around $300m PA.

BTW - the way to check the potential of every merchant of every BNPL solution is to check the traffic of the website, as an example canyon nectar and purple have 4m visitors per month (you can use similarweb.com to get those numbers)