Buy now, pay later stocks are suddenly in the spotlight again after Apple’s softer Q3 revenue outlook, share price drop of 7.5% after hours and fresh supply chain worries linked to AI infrastructure demand. The focus on hardware constraints, memory chip shortages and a leadership change from Tim Cook to John Ternus is prompting investors to reassess which BNPL companies might be positioned to benefit from any shift in consumer spending or retailer partnerships. This article walks through 3 BNPL stocks that appear positively exposed to this news backdrop and outlines what that could mean for your watchlist.

Zip Co (ASX:ZIP)

Overview: Zip Co is a Sydney based fintech that offers digital retail finance and Buy Now, Pay Later services, giving consumers in Australia and the United States access to interest free installment plans, personal loans and point of sale credit both online and in stores.

Operations: Zip Co generates A$800.3m of revenue from the United States of America and A$420.2m from Australia and New Zealand, which highlights its tilt toward the U.S. BNPL market.

Market Cap: A$2.94b

Zip Co sits in the middle of the BNPL theme that investors are watching more closely after Apple’s supply chain issues raised questions about future consumer spending channels. The company combines a pure play BNPL model with growing U.S. exposure, a recent return to profitability and a valuation that sits below some fair value estimates, while analysts still price in meaningful upside. At the same time, Zip Co relies heavily on external funding and operates in a tightly regulated sector with rising competition, so earnings coverage of interest costs and credit quality remain important to monitor. The latest U.S. partnerships and AI led checkout initiatives are only part of the overall picture investors are assessing.

Zip Co’s return to profitability and U.S. skew are raising fresh questions about what the market is really pricing in around credit risk, funding costs and upside potential. Get the full picture in the 4 key rewards and 1 important major warning sign

Kaspi.kz (KSPI)

Overview: Kaspi.kz is a super app based in Kazakhstan that combines payments, shopping and fintech services so consumers can pay bills, shop online or in store and access BNPL and savings products, while merchants handle everything from accepting payments to financing and advertising on a single platform.

Operations: Kaspi.kz generates most of its revenue from its Marketplace platform at KZT 2,102.0b and Fintech at KZT 1,629.7b, with additional revenue of KZT 669.5b from Payments and most activity concentrated in Kazakhstan and other nearby markets at KZT 3,189.3b.

Market Cap: US$16.6b

Kaspi.kz offers a combination of a high engagement super app, exposure to BNPL style lending in emerging markets and a share price that currently sits below some fair value estimates and analyst targets. The recent acquisition of a licensed bank in Türkiye and its Hepsiburada stake expand its reach across payments and marketplace services, while current and forecast Return on Equity indicate that capital is being used efficiently. At the same time, Kaspi.kz relies entirely on wholesale funding, has experienced margin pressure, faces regulatory shifts around smartphones and is paying an 8% dividend that is not well covered by free cash flow. The key consideration is how these potential growth drivers and risks may balance out over the coming years.

Kaspi.kz’s high engagement super app and 8% dividend hint at a story that many investors may only be half seeing right now. Get the full picture in the 3 key rewards and 3 important warning signs

Marqeta (MQ)

Overview: Marqeta is a US based payments company that runs a cloud platform for issuing and processing debit, credit, prepaid and virtual cards, giving fintechs, BNPL providers and enterprises the building blocks to launch tailored card and embedded payment programs.

Operations: Marqeta generates about US$651.6m of revenue from data processing services, with roughly US$551.2m coming from the United States and US$100.4m from markets outside the United States.

Market Cap: US$1.95b

Marqeta is one to watch if you care about how BNPL and embedded payments are built behind the scenes. The company sits at the intersection of rising card volumes, AI driven fraud tools and cross border expansion into Europe, yet still carries clear questions around earnings quality, customer concentration and funding risk. Recent headlines highlight a swing to quarterly profitability, new enterprise wins across Europe and continued focus on higher margin services, even as margins recently compressed and insider selling picked up. With Apple’s supply chain issues pushing retailers and consumers to think harder about flexible payment options, the open question is how much of that BNPL demand the Marqeta platform can capture while managing its dependence on a few key clients and higher cost borrowing.

Marqeta’s swing to quarterly profitability and push into higher margin services suggest that the current share price may not reflect the full story. See how the analysis report for Marqeta reframes the risk from its biggest customers.

The three BNPL stocks covered here are only the starting point. The full screener has surfaced 3 more companies with equally compelling BNPL fintech narratives in the Buy Now, Pay Later (BNPL) Fintech Companies screener. Identify and analyze the specific catalysts and storylines that matter most to you inside Simply Wall St so you can focus on the highest conviction opportunities in this BNPL space.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.