Ann: Release of Securities from Escrow, page-5

Yes. It is massive for a non tech company.

On the other side of the coin, Afterpay represents a paradigm shift in the millenial generations attitude towards consumer credit (they hate it). Millenials will become 75% of the workforce by 2030. The responsible lending industry is adding to that contempt by doing itself no favours as revealed at the royal commission.

The model can be replicated across any number of verticals. Multiply the 4% across tens of percentages of discretionary spending in australia and the us (for starters).

When you see the potential, $1+ bn looks cheap.