I think there is sure to be. At present they have a large o/d...

I think there is sure to be. At present they have a large o/d with a bit of 42 months to run, but due to be renegotiated in July. It was to be an advance from $90 mil to $150 mil to cover working capital requirements, but it was drawn down on the day it was settled - they must have been hanging for the brass on the day, which is not a good look for an o/d - it is supposed to be revolving. I suspect they are short of working capital and they are going to be belted by the closure of the Canadian office - redundancies, cancelled contracts, etc. They will find it hard to collect debts. The o/d facility will need to be refinanced one day and they have the hurdle of the mutha of all penalties to pay it out - they better hope the SP does not rise too much. There is still the mild overhang of the CNs totalling about $22.5 mil, so you could speculate that they may need several hundred million in the next couple of years, but they ave only a slim chance of hitting break even - def not enough to pay stuff off.

They will be banking on being a lean and slim organisation with a lot of AI and streamlined systems, but they will still need massive capital for IT and to maintain market presence. There is no question that BNPL is here to stay and it will be wildly popular, but who has the financial muscle to provide it is another matter. ZIP needs to get together with somebody who has lots of dough to sink, to maintain itself as a BNPL operator, or to transform into a consumer finance provider, as it is trying to do in Australia with its Zip Plus. Then its trouble is the competition. However, I think it will need to raise capital, but it will be hoping to make itself a viable business model first.