4. The funding conundrum

Illustration of Benjamin Franklin from a $100 dollar bill surrounded by clock imagery
Illustration: Sarah Grillo/Axios

BNPL startups have only existed in a low interest rate environment. Rising rates will put their business models to the test.

Why it matters: Some will feel the pain of interest rate hikes more intensely than others, depending on how they fund themselves. But no one is immune.

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