With the benefit of hindsight, the BNPL party was probably over when Afterpay sold to Block (formerly Square) last August in a deal that was beautifully timed but poorly structured, given Block paid with its own stock. Then, on Tuesday morning in Sydney, local BNPL battler Zip announced it would terminate its much-hyped merger with ASX-listed rival Sezzle, with Zip paying Sezzle an $US11 million termination fee, equivalent to almost 5 per cent of its market value. Zip co-founder Larry Diamond Sezzle’s Charlie Youakim. ![]() ![]() It took less than eight hours for any last hopes of big returns from the buy now, pay later sector to be extinguished.įirst, from Stockholm, came confirmation that Commonwealth Bank-backed giant Klarna had raised $US800 million ($1.2 billion) in new capital at a valuation of just $US6.7 billion – 12 months after it was valued at $US45.6 billion.
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