Big volumes suggest both existing and new instos who may have underestimated explosive BNPL sector (and APT/ ZIP specifically) are now looking closely at SPT (esp given recent $100M CR). Some might even be switching (after all it's a Disallowed from March lows).
Quick recap on MC esp given SPT's differentiated business model and market focus:
APT ~$25bn ZIP ~$3.7bn SZL ~1.0bn SPT ~$650m OPY ~468m
Each are clearly at different stages of their growth trajectory, but when SPT announced first merchants (and better still the run rate of merchant adoption whether MC/V/Stripe), transaction volumes will skyrocket. That's why sp gyrations are important to watch and a base (whether $130 CR) of $1.50-60 appears to be forming.
I'm in no rush, because as we've seen with SPT's larger peers, the sp can rocket on growth numbers.
Talking of which we're not too far away from another Brad update ...
