There are probably a few reasonsI looked into banking licensed...

There are probably a few reasons

I looked into banking licensed and registers in Australia the other day. ZipCo is listed. Afterpay is not. Investors may see zip more bank like than Afterpay as a result.

Both do bnpl. Zip through its diversification though is targeting a grossly larger share of spending wallet than Afterpay, the potential is to effectly make money on any transaction a customer makes. Afterpay only targets discretionary spend of a consumer. Zip is also target B2B lending that Afterpay hasn't done yet.

Afterpays pay in 4 model has meant quick cycle of cash on average.
At the end of November zip did 560 odd million annualising 7 billion. Afterpay annualised at 24 billion in November. zip average sale is bigger than Afterpays but in Australia on average it's taking 6 months to pay off.
quadpay in Nov hit 46 percent of total global revenue and by my calculations it will exceed the 50 percent mark in Dec
At this point with it continuing to accelerate and quadpay being a pay in 4 model bnpl we may see the market recalibrate. Zip in the UK is also pay in 4.
quadpays YoY growth numbers continue to surprise

The recent cap raise at 5 dollars something has probably put aminshareprice floor. Afterpay did there's at 66 dollars a share.
40 percent of Afterpay stock is owned by us investors. Zip that's less than 5 percent.

Be patient, alnunhers are pointing in the right direction. Debt in arrears in plummeting, customer numbers and app downloads through the roof. Patience!