By Jeffery Hartman, Managing Partner of Fitzgerald Advisors
The Fintech and “Buy Now, Pay Later” (BNPL) sectors have cracked the code on origination. They opened the floodgates, democratized credit, and put billions on the books. But now that those vintages are maturing, we are running into a massive wall in the secondary market: you can’t price modern, high-velocity debt using credit data from 1995.
We are seeing a structural break in how distressed assets are valued. The old static models are failing, and if you are holding Fintech paper,
