UBS doesn't believe there is a moat. They believe silicon valley...

UBS doesn't believe there is a moat. They believe silicon valley will outcompete apt with a superior product from some startup.

They don't seem to realise however that SV culture isn't so hip about working on credit type FinTech. It's seen as dirty and scummy. Not good for ones rep. Partly why bnpl took off in australia of all places. We don't have that same stigma about it.

SV Talent and vc money will really only consider getting onboard when they see other bnpl companies do well and build nice friendly pr that makes it safe to work on this kind of stuff. At which point it'll be too late.