It's not often that Australian entrepreneurs create a globally noteworthy start-up in the financial services space, but with buy-now pay-later outfit Afterpay we have certainly got that.
As things stand, Afterpay continues to power ahead with a current market valuation of $35.3 billion. This week it announced it was preparing for some form of US listing -- the latest chess move that entrances the FOMO crowd.
In terms of funding its growth, Afterpay pulled off a remarkable capital raising last month with a $1.5 billion zero coupon convertible note, which is now trading on the Singapore exchange. Have a read of the full 120-page prospectus for that raising, particularly the 17 Afterpay-specific risks starting on page 12. That section leads off with a long explanation of the various risks under the headline "compliance with laws, regulations and industry standards".