Making your fortune from selling a no-doc short term lender that exploded via operating in regulatory loopholes isn't great, but I don't think its right to say it was a scam. You can't deny millions of people use the service and like it, the question was always what long term value for investors APT offered. I would argue it was a bubble (we had overseas BNPL stocks not operating in aus list here), and APT was probably worth a few billion at most. Even then, I was skeptical about the margins long term, as continually having to market and compell people to use the APT because barriers to entry are so low is such a low quality aspect of BNPL. In some ways its a shame we won't see as much disclosure now and a good look where APT would have ended up in a few years.
