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Buy now, pay later’s disappearing act
Michael RoddanNational correspondentLast week, the delisted Afterpay revealed, via its new parent Jack Dorsey’s Block, an interim pre-tax loss of $502 million, up from $76 million a year ago. A bad debt increase to $177 million from $72 million a year earlier was responsible for much of this.
Rival buy now, pay later firms are faring no better. Zip bad debts rose to $148 million from $30 million, while Sezzle customers had $53 million owing for its recent full-year accounts, up from $20 million a year earlier.
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