- Transaction volume and user base growth remain robust and planned expansion with in-store payments in partnership with Google and Apple Pay.
- International expansion opportunities in Europe and Asia to fuel long-term growth.
- Competition is heating up among BNPL players and more established fintech companies including PayPal which recently launched its BNPL service.
- We believe the company to be a good proxy to benefit from the wider BNPL market growth but also noting regulatory and competitive risks on the horizon and a stretched valuation based on P/S metrics.
For further details see:
Afterpay: Superb Growth Perfectly Priced-In With Impending Competition, Regulatory Headwinds