US Buy Now, Pay Later Finance Provider Senior Secured Term Notes Token

Overview

The Company provides Buy Now, Pay Later ("BNPL") point-of-sale credit and digital payment services to consumers across Australia, New Zealand, the United States, and Canada. VPC has had a long-standing relationship with the Company, providing the company’s first institutional credit facility in November 2015 (refinanced in 2017) and a subsequent SME credit facility in 2020 (repaid in 2022 with the decision to terminate the product). VPC remains in active dialogue with the Company reviewing opportunities and currently finances the Company's US BNPL book.

The Company's US business remains relatively siloed from the Company’s Australian operations (separate board of directors). The Company's current US BNPL products include:

• Pay-in-4 (“Pi4”): Divides each purchase into four equal biweekly payments over six weeks (the first of which is due at the time of the transaction) and charges a fixed finance fee (up to $7.50 amortized across installments) and late fees on any delayed payments. The Company also generates interchange and merchant discount revenue.
• Pay-in-8 (“Pi8”): The Company has begun rolling out a Pay-in-8 product with repayment over 8 bi-weekly installments over 14 weeks. The product structure is otherwise consistent with the Pay-in-4 product. Pay-in-8 was initially rolled out selectively to existing customers with well-known risk profiles which started in October 2023 and is now being progressively opened up to a broader group of users.