“Certainly,reports of our death are greatly exaggerated,” says Peter Gray,co-founder of embattled buy now pay later business Zip Co.
Australians have been warned about using increasingly popular “pay advance” services over concerns they may be exposing themselves to excessive debt and unregulated products.
Embattled fintech Zip Co is cutting the number of products it offers and reviewing its overseas businesses for write-downs.
For all the woes facing the BNPL sector,even the most sceptical analysts believe the “pay in four” method made famous by Afterpay is here to stay.
A year ago,observing the BNPL industry was like watching an episode of ‘Who Wants to be a Billionaire’. Today it’s like tuning into ‘Survivor’.
Zip has scrapped its merger with fellow buy now pay,later operator Sezzle as Klarna’s valuation falls and Assistant Treasurer Stephen Jones warns of new regulation.
The CBA’s investment in Swedish buy now,pay later business Klarna has turned sour.
A few years ago,as “buy now,pay later” loans took off in the US,one startup had an idea:Why not adapt the model to sell outdoor recreation gear,including guns? Thus,Credova was born.
Abercrombie,who was the consumer lender’s chairman until last December and is its biggest shareholder,will take up the position once again after a tumultuous few months.
The value of sharemarket portfolios held by many young people are seriously underwater,as their investments of choice – technology company shares and cryptocurrency – take a big hit.
Regulators should think twice before they seek to discourage Afterpay and other buy now,pay later operators.