@upside_down
Small operators can’t easily compete with Afterpay.
I don’t know if you noticed but Afterpay just put on Kim Kardashians products lines as well today.
If you immediately get 25% of checkout, you just cannot sign up big labels every other day. I am pretty surprised quadpay managed to put on Ugg- they must be pretty well resourced but Afterpay has >100m in the bank, secured lending facilities and as soon as growth drops in Australia is also cashflow positive there to finance the international operations.
You can do a LinkedIn search and see the calibre of people that they have brought in the US- mixture of ex-google/paypal/Uber on engineering side and seasoned retail professionals on the retail side. These are key competitive advantages that become more entrenched over time.
I think APT will most likely need to raise capital in March with US growth the way it is, hopefully it will be at $40 (ok at least $25).