Not really comparing Apples with apples... the fundamental...

Not really comparing Apples with apples... the fundamental economics of this business are in question here, Comparing a local consumer finance play, thats mimicking a relatively old concept in Klarna, bill me later... with some of the largest companies in the world, that are importantly, not finance companies, and do not have to adhere to covenants, arrears etc, is probably futile.

Consider this, currently, arrears for Zip ( and APT for that matter) are calculated off TTV, not book size and they are in the order of 2.6% for Zip from memory... Now from my recollection, the company charge in the order of 3-4% of item value for their services, as top-line revenue... So topline revenue is 3-4% of TTV plus interest for a portion of the book... and we can now see 2.6% of this (or 60-80% of top-line revenue) is being swallowed up in arrears and bad debts... There is no question that this is not sustainable, notwithstanding all the companies other large outgoings.

I'd agree with you, if their own predictions showed promise with scale, but alas it doesn't... Couple this with growing arrears, book stagnation, slowing TTV.