Released April 13th, 2022
Joe Magyer - Afterpay: Buy Now, Pay Later
Joe Magyer is a global equity and angel investor. We cover how the "Buy Now, Pay Later" model compares to traditional credit cards, how Afterpay differentiates itself from peers, and how it is set to benefit from its acquisition by Block.
Professional Investors
Public Equity
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Colossus Research
Afterpay Research
Read our research on Afterpay's history, business model, and competitive positioning.
Hamish Corlett - Block: Square, Cash App, and Economic Access
Hamish Corlett is an investor at TDM Growth Partners. We cover the common threads that have enabled Block to organically build two major ecosystems in Square and Cash App, how the recent Afterpay acquisition can strengthen the connective tissue between those businesses, and the competitive frontiers Block faces.
Alex Rampell - Visa: The Original Protocol Business
Alex Rampell is a general partner at Andreessen Horowitz, where he focuses on investing in financial services. Alex co-founded Affirm and TrialPay. We cover Visa's business model, unique history, and potential threats from other businesses and macroeconomic forces.
The Right Work Environment Creates Entrepreneurial Spirit
Nick Molnar discusses the founding story of Afterpay, the consumer movement it created, and its impact on the retail and payments sectors.
Square Buys Afterpay, Network Effects, Apple and the Cost of Time
Ben Thompson's analysis on how Square's merchant and consumer businesses will complement each other after the acquisition of Afterpay
Square and Afterpay
Block's presentation to shareholders outlining its reasons for acquiring Afterpay.
Buy Now, Pay Later & Payment Ramifications
JSC Capital’s detailed report on the BNPL Industry, outlining its value proposition and the massive size of the opportunity in this space.
BNPLs: Businesses Needing Provided Legibility:
An insightful commentary on the BNPL industry, outlining how the financial engineering involved creates major benefits for consumers.
Affirm Holdings ($AFRM)
A comprehensive breakdown of Affirm, a leading operator in the "Buy Now, Pay Later" space and one of Afterpay's main competitors.
Red Friday
A summary of the most common backlash against "Buy Now, Pay Later" firms and the controversy surrounding this business model.
Alex Rampell "Buy Now, Pay Later" Tweetstorm
Alex Rampell explores how the “Buy Now, Pay Later” businesses pose a threat to incumbents in the financial services industry.
Investment Memo
Afterpay: An Investment Case Study
Outlines Hayden Capital’s thesis behind its investment in Afterpay, citing the growth of BNPL amidst shifting attitudes to credit card debt.
Buy Now, Pay Later: The Extraordinary Story of Afterpay
A detailed behind-the-scenes account of Afterpay, including its speedy growth, near-death experiences, regulatory encounters and more.