Last week I attended (remotely) a mini conference held by a VC firm associated with my employer where a number of the startups the VC firm has invested in presented. There was a whole segment dedicated to BNPL, with three companies presenting. Two of them were straigh up Afterpay competitors with focuses on particular industry niches, and the third offered a white label BNPL solution to companies that don't want their customer loyalty erroded by independent BNPL providers. All three had attractive, easy to use functionality for payers and quick integration with merchants.

My reason for sharing this experience is that APT is priced like it has no effective competitors and will become dominant in the North  American and European markets. I feel that is overly optimistic as there are clearly a host of well financed fast followers chasing them and trying to capture market share. Not to mention the possibility that large merchants will likely prefer to provide their own BNPL offering via a white label solution rather than fork over 4% to APT. This will reduce APT's growth and squeeze their margin, ultimately leading to lower profitablity and a lower shareprice.