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So the higher valuation was due to the existence of a perfect environment and the loss is all due to the move to a challenging environment, nothing to do with regulation, operating losses, lack of cross checks between different BNPL and other credit providers then,,, its all due to weaknesses in other players and the market?  I see. 

Because it was over-hyped..... just like all the Payday loans companies....  did you see the most recent  Finextra announcement on Klarna, large operating losses are kicking in now....Remember.... Valuations are just that... Until someone puts their hands in their pockets they are only a hope and often hype  :-)  You are now allowed to slap your own forehead and say.... DOH!    

Klarna is closing in on a funding round that would see the BNPL giant's valuation slashed from $45.6 billion last year to just $6.5 billion, according to the Wall Street Journal.weden's Klarna is working to raise about $650 million, most of it from existing investors led by Sequoia Capital, says the Journal, citing anonymous sources.

The valuation would represent a massive discount from last June's $639 million funding round, when the firm was riding the buy now, pay later wave.

To claim that MDR is the value in this for the operators is to ignore what comes later..... People borrowing from Payday lenders, loan sharks, Credit cards, etc, anything but free of stress.... If 2 in 5 users have had negative impact on credit score then something is wrong, I have added some more research extracts and links below  if you want to check it out                     52% of people who have used BNPL in the last 12 months have another debt or repayment to manage alongside their BNPL payments. 1 in 5 people that have other debts to repay say that these only started after they first used BNPL. For those already in debt when they started using BNPL, 17% have seen their debt get worse in the last year and 45% attribute this to using BNPL. Buy now pay later has a knock on impact on people’s other debts. 2 in 3 have prioritised paying a BNPL fee or repayment instead of another debt or repayment. The financial impacts of struggling with buy now pay later purchases are long-lasting. 2 in 5 BNPL users have had their credit score impacted by using BNPL.                                                                               https://www.citizensadvice.org.uk/Global/CitizensAdvice/Debt%20and%20Money%20Publications/BNPL%20report%20(FINAL).pdf

i think you may have somewhat  superficial understanding of human factors. Debt is rarely free. 

More than two in five Buy Now Pay Later (BNPL) customers borrowed money to make repayments, Citizens Advice has found. The types of borrowing included overdrafts, borrowing from friends and family, loans and payday loans. The most popular was credit cards (26%).

Younger shoppers were most likely to borrow to pay off BNPL purchases. The charity found 51% of 18-34 year olds borrowed money to pay off BNPL debt, compared to 39% of 35-54 year olds and 24% of over-55s.

These latest findings come as the BNPL market continues its meteoric growth. But the sector remains unregulated. 

Citizens Advice is calling for regulation to protect customers, including market-wide affordability checks and clearer information at checkouts. Worryingly, the charity found more than one in 10  Buy Now Pay Later customers didn’t fully understand how the repayments would be set up. https://www.citizensadvice.org.uk/about-us/about-us1/media/press-releases/two-fifths-borrowed-to-pay-off-buy-now-pay-later/

This regulation and enforcement should be self-funding, as the regulators and enforcers identify and sequester illicit or illegal funds they should be given those funds to invest in better systems and more staff.  this seems to work well in the USA with the DOJ motivated to intercept and secure laundered cash -  its time the UK Government broke its ties with Siberian Lords and their Knighted sons (amongst others) and replaced rhetoric with results.  I will be writing to my MP.  Thanks Finextra - good summary.

So Credit cards are also free, you just have to pay your statemented balance off in  full within the terms set by the issuer, and not revolve, and not take cash.  I am sure this will find its place,  similar to Payday loans, there will be an initial  goldrush..... then the regulators will arrive, and then things will calm down.

https://www.citizensadvice.org.uk/about-us/about-us1/media/press-releases/one-in-12-now-using-buy-now-pay-later-to-cover-essentials/

So this is not getting into debt? Agree Barclays is not without sin..... Other, more consumer friendly organisations have much better credentials when it comes to analysing BNPL for its up-and-down-sides. Like gambling, in moderation its fine. 

invite enquiries from recruiters or HR leads, by geography by all means but dont nail a list of scalps to the wall!

Outstanding - 99% success rate and a dent of $1.2M in criminal pockets is a great start...  Global banks need to embrace this technology.

can i be the first to say this?

"Zuck Bucks Sucks" 

you heard it first on Finextra!  What if the US Dollar was called the 'Wash dollar' when it launched in 1792...  Would we think less of George Washington?