I would like to bring your attention to two major points that...

I would like to bring your attention to two major points that each one of them is what makes SPT the only BNPL that will make a profit to its shareholders.

1. Regulation - the FCA (UK) already announced that BNPL is going to be regulated - https://www.keystonelaw.com/ie/keynotes/buy-now-pay-later-firms-to-be-regulated-by-fca/ same goes to the US and maybe Australia.

SPT does not fall under those regulations and will not need to invest in supporting them when the day will come.

2. Positive Cash Flow - the 1st player to cross the line will be SPT - I explained it before and I will explain it again
let's take as an example SZL - their merchants' sales for 2020 have been $856m and they reported 1.2% losses (consumer who don't pay back the loan) = $10m, with an average order value of $100 it means that during 2020 100,000 consumers didn't pay back their loan out of the 2.2m consumers that used SZL solution = 4.5%

Each one of the BNPL loan providers has a call center to support the collection of those losses, none of those players are reporting in their Q or Y announcement what is the recovery rate (how many paid after they connected them)

let's take only the 100,000 that didn't pay - they for sure received a call from SZL representative, in order to initiate those calls you need
hundreds of CSR (customer support representatives) - and as long as they will grow their numbers they will need to expand the number of representatives.

I heard that APT have more than 2,000 CSR

SPT has around 100 employees - they don't need to run after losses/consumers who are not paying back the loan, they forever will stay with a very low headcount to support the growth.

it's all about headcount and % of the losses out of your revenues

no need to be a sophisticated investor to understand the numbers and the meaning.

Stop looking for the size of merchants or the cooperation with Visa/MC and the rest, it's all about keeping the growth as they did in FY20.

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