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ContextLogic's Fintech Entry: The Fintech Dream Team

Aug. 05, 2021 7:58 AM ETContextLogic Inc. (WISH)ADYEY, AFRM, AFTPF, SQ, TWTR62 Comments
Valber profile picture


  • WISH's stock price has seen a significant decline since June with the market overreacting to CFO resignation and disregarding several bullish events that have occurred.
  • WISH is unveiling new management appointments in Jackie Reses' organisational growth oversight, with more to come.
  • WISH's entry into merchant payments will have its major investors playing a behind-the-scenes role to support, and the new business value can grow rapidly to surpass WISH's current market cap.
  • WISH also has its pick of partners in consumer fintech, especially amongst Buy Now Pay Later companies keen to tap on WISH's unique offering.
  • WISH short interest over float is likely grossly underestimated and potentially more than 28% by my estimates.

Beautiful girl with smart phone crossing her fingers and wishing for good luck
CoffeeAndMilk/E+ via Getty Images


Following from my previous article on ContextLogic (NASDAQ:WISH) on 26 June 2021, this detailed article covers events which has occurred in the time since for the company, and their implications - reaffirming my very bullish thesis on

This article was written by

Valber profile picture
A Mixed Martial Arts style of investing as pioneered by Warren Buffett -Charlie Munger's "all investment is value investment in the sense that you're always trying to get better prospects than you're paying for."Ben Graham's buying $1 of value for 50 cents.Phil Fisher's growth without paying too much.Stanley Druckenmiller's trading and managing downside (bold, hold, or quickly fold).Ken Fisher's no investing style is indefinitely superior. Understand your opponent (the opportunities that present, the market cycle) and utilise one of your style mastery's accordingly.All articles are for informational purposes only and are not investment or financial advice.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of WISH either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (62)

Valber: Is this stock dead?
Thoughts on earnings and CEO departure?
Valber profile picture
@pitney13 Revenue and user decline was bad as expected but the positive takeaway was their guiding to FCF being close to breakeven in the nearer future. The ongoing bull/bear question is what is the core base of sticky WISH users and active users that forms that floor before their current initiatives bear fruit and they start marketing spend in 2H 2022. Market hates uncertainty and of course it will only be into 2022 to see what that user floor is.
Jackie Reses was very much in command/hands-on in the call. Now they should appoint Jackie Reses as CEO (even if just interim), so that WISH can be valued more towards a SPAC for the multiple optionalities (as a Jackie Reses led star team with multiple vertical potential and assuming achieving breakeven FCF should be), than a classic value style declining business.
Valber profile picture
@Valber Although Jackie Reses does have other companies, initiatives and board appointments that she is involved, the potential for her being appointed WISH CEO - would be similar to the type of structure at Square - where Jack Dorsey is CEO but has multiple outside responsibilities including Twitter and you have a very optimal delegated structure enpowering managers and giving them the scope to innovate, and a highly motivated team of managers. I see WISH now moving to this Square-like structure, a big positive from where it was. Hopefully, it will have Jackie Reses as CEO/interim CEO as part of this evolution.
Valber profile picture
So, WISH has partnered with Klarna for WISH's global BNPL.
Klarna was valued at $46billion in its last Softbank led funding round, but being a private company still, has received less attention compared to Affirm.
Klarna has been highly acquisitive (via outright takeovers and also rumoured minority equity shareholdings it holds in public listed fintech) and active in partnerships, amidst its viewing BNPL as being "infrastructure" for the broader connected verticals particularly in e-commerce. This week Klarna unveiled its "super app", a clear head-to-head vs PayPal. So the question is, does this have any greater significance for WISH (beyond a BNPL partnership)
Thoughts on the new CFO?

@pitney13 part of the the overall strategy - focus on liquidity, efficiency & mid term profitability. If you look up the CV of the upcoming CFO you will understand her mission at ContextLogic.

Execution will take some time (3-6 quarters) to show real impact. This stock is actually my favorite play in the market.
@Midyanyy Yeah I've got a massive position in WISH so I'm with you on that. I feel like it's the best contrarian play in the market right now.
Valber profile picture
@Midyanyy Yes, I do view the new CFO Vivian Liu appointment positively and well-suited to what WISH needs. Technically strong (CFA, CPA), bi-lingual, CFO experience at two private equity held tech companies, could also enhance with further partnerships from China. Good to see further delegation of areas from Peter Szulczewski (Vivian will also be in charge of merchant acquisition). Much deeper c-suite bench (Chair, CFO, CTO, CPO) now than at start of the year where their c-suite was more reflective of a private company/late stage start-up.
Hope that Jackie Reses will be on the earnings call this time. The c-suite is much stronger now, but most importantly amongst the executive team, Jackie Reses is an accomplished leader in her own right. There are things in WISH that evidently need work on to turnaround back to growth, and Jackie Reses is likely the one that a hands-on founder CEO will listen to most when improvements, feedback and changes are highlighted to him in his course of work.
Yes as you mention it will likely be at least 3 quarters for impact (return to growth) and likewise as guided by company. The medium term hurdle (9-12 months) for WISH is not to demonstrate profitability, but (and this is a lower hurdle) to restore the revenue growth narrative or demonstrate what is the core, stable number of “sticky” active buyers amongst the monthly active users (became WISH valuation is priced for declining numbers). Before its last earnings, WISH was company with a record of growth (albeit volatile growth), a compelling narrative and multiple verticals with potential. It still has the multiple verticals with significant potential and a compelling narrative but that core driver of growth and the accompanying growth narrative has stalled. So now they need to rework and regroup their product quality listings, expand social e-commerce functions and design, and maintain/improve their improvements in logistics and customer service, whilst cutting back marketing expense.
Bearing in mind that WISH has its roots in software engineering and the CTO and CPO are ex-Google in addition to CEO/Founder, it would be good if they can also attract senior manager talent from social media/design-oriented/customer service oriented tech companies, since the areas of social e-commerce/design/customer service are to be expanded on.
Valber profile picture
Two days ago, South Korea e-commerce platform Cafe24 (which is controlled by Korean tech giant Naver) announced a partnership with WISH to integrate WISH to its sales channel integration. This is perhaps the most interesting of WISH's recent partnerships, yet for whatever reason, WISH itself did not announce it nor issue a press release on it. WISH had issued a Businesswire press release in June on its partnership with Prestashop in EU (which was followed by a price spike), however subsequent partnerships it has made have not been announced/press release issued. $56billion market cap tech giant Naver is the largest shareholder in Cafe24 with a 20% stake that it acquired in August. Naver is also the controlling shareholder with Softbank of Z Holdings, a merged entity that comprises Japan's largest portal Yahoo Japan, Line messaging app and PayPay, Japan's largest mobile payment app. This merger of Softbank and Naver's respective contributed entities is intended to create a giant to compete against the US and Chinese tech giants globally.
It would seem logical that the next coming partnership for WISH in its Korea and Japan expansion is with Naver and Softbank's extended ecosystem. Yahoo Japan shopping is the third largest e-commerce site in Japan and has been falling behind over the years against the no 1 and 2 Amazon Japan and Rakuten. Next could also be integrating WISH into Line Pay/PayPay for Line users to shop and pay in WISH.
Note the commonality of Jackie Reses who was formerly with Yahoo and was on the board of Alibaba; Softbank being the early and major shareholder in Alibaba. A partnership with Z Holding's businesses/Softbank/Naver appears like it could be the next partnership to come, and makes a lot of sense for both potential partners.

@Valber They do a lot of things and don't advertise them well. I've used WISH now for a few months and a few things I've noted:

a) The abiliy to ship directly to a store and get essentially near free shipping.

b) The $5.95 a month unlimited shipping (like Prime but not 2 day guarantee).

c) The return policy and shipping guarantees. I paid for express shipping and it was late a few days and got a refund on the ENTIRE order.
cwfuchs profile picture

yes in my view their Marketing Performance has been terrible, which at this stage is not understandable as PS during his last Earnings Call seemed at least a bit disturbed about the negative stock price development of wish. Still a lot of mistakes...
Valber profile picture
WISH is recruiting a senior business dev manager for payments.
To recap; last year's appointment of the two fintech trailblazer board members, the recruiting of payment/fintech engineers at the start of this year, the granting of EU license. Appears like their fintech work-in-progress is getting advanced.
Valber profile picture
Another tweet from Jackie Reses highlighting WISH shopping. twitter.com/...

Note also the partnership between Affirm and Amazon announced today, and the prior partnership announced between Affirm and Shopify - both of which Jackie Reses has tweeted on. Looks increasingly likely then for a similar BNPL partnership between WISH and Affirm, that Ms Reses will facilitate in her roles in both companies.
@Valber I'm not followng the tweet you link is about B12 vitaminsi
Valber profile picture
@GuyRien1 Its Jackie Reses highlighting a product link from WISH Shopping
Valber profile picture
I have been writing in my articles and comments about the non-traditional, free direct marketing that WISH should be
taking advantage of to outreach and acknowledge its recent enlarged retail base and the gifting/anointing of meme stock status to it earlier
in the year. We had the first instance of this now from Jackie Reses per below tweet. Is one tweet potentially highly significant? Yes, especially for WISH which has so many things going for it that it is working on, outside of one disappointing quarter, and which needed to really start getting the messaging out of
Peter Szulczewski 's vision for the company. Expect more social media outreach from WISH's chair/management to come now - free, direct marketing amidst WISH's cutting back of its marketing expenses. This
tweet should also be of relief to WISHers who were concerned on Jackie Reses not being in the earnings call.

Look at another of Jackie's recent tweet (a gif post), and her replying to tweets of her followers, and she clearly recognises the key role of Twitter and social media to outreach in a fun way, with the opportunity it provides to ignite and excite.

Jackie Reses is a multi-talented trailblazer across fintech, tech, corporate
strategy and finance...exec chair of WISH, board member of Clover Health and formerly on the board of Virgin Galactic...add in to that her significant, growing online following and her social media outreach.. and you have the soon to be pin-up Queen of retail investors, shortly ascending to the currently vacant throne...
Valber profile picture
@Valber A couple of points on what are near-term catalysts following the
disappointing quarter results.

During the earnings call, there was limited discussion on the various recent and new businesses of WISH (eg fintech entry, 1Sansome progress) etc. None of the Street analysts asked about the payments license and WISH’s plans there, nor have covered it in their report updates. The question is, the timing on when the company provides more details on its work in progress in the space. The fintech payments expansion has clearly been in the works for some time - as the appointments last year and the advance time required for the application process of the EU licensing approval would affirm. Further, take a look at the recruitment that WISH had conducted for senior software payments engineers at the start of this year. www.builtinsf.com/...
This ad was removed in February. There clearly has been payments software development in progress in the time since and the ad provides big clues on the work in progress on payments processing. Can we see a major unveil of this within the next quarter? It is certainly possible. To those who think there are no short term catalysts, on the contrary, there certainly are many potential short term catalysts: new CFO before year end (given the time thus far, I do not expect any run-of-the-mill appointment but it to be an appointment that excites in calibre), details unveiled on fintech/payments work in progress, potential new partnerships especially in BNPL, further partnerships from Jackie Reses network.

Many have recently speculated on WISH being a buy-out candidate at these low prices. I do not view this likely at this stage, simply because WISH has so much going for it still on its own. The margin of safety from a private market value buyout scenario for WISH will always be present, in the same way that it was present for the likes of Tesla and Snap etc during their most dire periods in their recent history as public companies.
The more likely corporate event for WISH is for a tech giant or prominent investor building a minority stake at this low price range. Less known on WISH is that JD.com has been a long-term investor in WISH, but you could have one of the other Chinese tech giants buying shares on the market, not to acquire but to have a minority shareholding. Tencent did this previously in buying a minority stake in SNAP on market at its lows, and Alibaba of course had a rumoured interest to acquire WISH as a private company. So a tech giant emerging with a minority stake is certainly out there.
Taurus Eternal profile picture
@Valber it's clear that Wish is investing heavily in retooling the platform. you can see it in their high R&D spend as well as who they're recruiting, as you pointed out. i still dont have much expectations for the next quarter or two, but neither does the market at this point, so who knows what happens. i think it will take at least 6 months before progress is made.

im glad they are addressing the core issues with the platform though because that's ultimately better for further growth / dominance. you cant keep growing revenue infinitely through marketing spend, as eventually you gotta make money
Reminds me of MELI days in 2010 :) AMAZON will Kill them ! no space for anyone in Ecom.. well well.... to age well need to give it time
MELI sells normal products.
Wish sells garbage with no moat.
@Luculus hmmmm.....u think the chances of 3.5 is higher or 15 from here?
toss a coin
I’ve been on the sidelines and I’m curious about what your thoughts are on their earnings report?
@Valber Thoughts if today's earnings release changes your thesis on the company?
@GuyRien1 Likewise
Valber profile picture
@GuyRien1 The quarterly result disappointed below expectations due to a combination of company and macro specific factors covered in the transcript and the previous year quarter's strong performane due to the pandemic. The long-term thesis that my two articles are centred around, remains unchanged in my view.

Consider from this perspective: WISH grew rapidly as a private company since its inception and there were several weaknesses as part of its explosive growth during life as a private company which have been or are in the process of being resolved by the company: 1) the longer delivery times, which have seen tremendous improvements and are now often comparable to non-Amazon e-commerce peers in international delivery times; 2) customer service responsiveness (ease of returns etc) which is now comparable to the large e-commerce peers in customer service responses and returns; 3) product quality (products meeting expectations when received) which given the often low priced products, is one of the more challenging parts WISH faces to rectify and which WISH described its ongoing need to address in the call; 4) the past rapid growth in customer numbers which is now going downwards due to both WISH's own optimisation as well as retention of targeted higher value users underperforming .

On Point 4 above. WISH reported 21% YoY growth in revenue per active buyer last quarter but active buyer numbers was down to 17 million (-44% YoY). So there is a loyal, core base of monthly active buyers that accepts the previous flaws (eg product quality/expectations) as being a part of the trade-off for the often bargain prices WISH offers.Then there is the decline in users which WISH has previously attracted through marketing and promotions and therein overall decline in user numbers and retention last quarter - WISH has to address to woo back some of the non-active and previously active users and high value users it desires that stopped using WISH and optimise Customer Acquisition Costs. Thus, the polarised view that WISH both attracts amongst consumers' view of its shopping experience, and in terms of the thesis view of the stock (also covered in 1st article in detail).
Even prior to the after hours decline post reporting, WISH was trading deep below IPO price of $24 - and arguably each of the four above points had been reflected to different degrees, vs the IPO price of $24 or past private market valuations that reflected a clear blue skies outlook.

There are a few bullish take-aways from the call. In my first WISH article I described in detail the opportunities for WISH to expand in social e-commerce offerings, given that the majority of its user base was Gen Y and Z. There was a specific addressing during the call of the social e-commerce opportunity and expansion that has been rolled out recently (eg two weeks ago they began live streaming influencer and shopping events) - great expansionary moves in social commerce. This is a positive for WISH to cement itself as the “Snapchat of e-commerce”.

WISH also discussed its intent to reduce marketing spend as it optimises its customer base and works on improving retention. This is positive and hopefully means they will subsequently demonstrate a first profitable quarter as a public company sooner than later.
From Peter Szulczewski' comments, it appears that the company is centred on an assumption that with a reduction of their marketing spend, they will not have any meaningful new customer conversions in the meantime- quote" We have already begun to significant cut back our digital advertising spend and we've been focused on maintaining retention of our existing user base in the near-term. We believe new buyer conversions will be minimal."
I hope that this is just downplaying expectations and that there is a recognition internally that whilst the company reduces its traditional marketing spend (eg cutting back ads on Facebook, sponsorship, promos etc), it need not necessarily have a correlated decline in new users conversions and they should more aggressively be taking advantage of essentially free, non-traditional advertising opportunities. Yes, WISH is highly followed and active on TikTok etc in its existing marketing outreach, but what about directly tapping the recent retail following and enthusiasm? WISH came to be anointed as a meme stock in the previous quarter in the mysterious ways that select stocks are “gifted” with meme status, and with it the accompanying priceless publicity opportunities as well as the new cold, hard cash in the bank. For a company whose long-term bottom-line and thesis is dependent on its marketing spend variable vs revenue (probably more than any other meme stock), it has not directly utilised the free marketing opportunity of an active retail investor base and its enthusiasm in a meaningful way or directly acknowledged its new investors (eg the AMA/Q&As and social media outreach that GME/AMC/CLOV and other designated memes have done directly with its respective bases).

WISH has acknowledged it has its work cut out for the next two quarters of the year - there were determined words, in my view - so the rest of the year will be a real crunch-time for WISH prove the numerous angles they have at their disposal. In the near term after the AH price drop, there will be a price battle between the bears and bulls (the below expectation results but with a surge in WSB attention following the price drop) but beyond this, WISH's destiny is in its own hands.
Taurus Eternal profile picture
@Valber nice post. i see the potential in this company. unfortunately i do expect the stock price to suffer in the short term as they retool the site. hopefully they can improve the quality of the goods + incorporate more social media aspects to the site. i think that would help a lot in retaining customers. in the long run, it'd save them money too as they wouldnt have to spend so much on user acquisition if the users want to go to the site of their own volition

i wouldnt expect much out of next Q. they pretty much said revenue would be down as they slash marketing and work on fixing the issues. no short term catalysts. oh well
Didn’t age well
Valber profile picture
@S55bonds It will in time. My articles' have been centred on the long-term thesis.
cwfuchs profile picture
Thanks for this insightful article....understanding wish's medium and long-term Strategy and how they will unveil it, is what really matters.

On July 10th I personally commented as follows to a previous article of the Asian Investor

'Wish also just entered the e-payment space in Europe, which could turn out to be a very valuable move in the foreseeable future, because if they manage to build up a coherent fintech-e-commerce ecosystem, besides increasing their Top Line, that move could also enhance their future Gross Profit Margins.'

Your much more in depth analysis about WISH's entrance into this Fintech's Space exactly corroborates my above Statement. This probably will turn out to be, as you say in German, 'Ein Quantensprung' or a Quantum-jump for Contextlogic's future Business Activities
Valber profile picture
@cwfuchs Thanks, stayed tuned for further updates in comments, tweets and maybe another piece in the future.
Excellent article. I'm also Bullish on Wish. Another really interesting part of their business is 1Sansome.com. Wish has an excellent opportunity to gain a share of the Global Women's Apparel market. I have barely seen a mention. 1Sansome will be very successful and perhaps other vertical retail specialty sites will be introduced in the future? We can only imagine...
Valber profile picture
@Kunzeroyale Thanks for your comment. I covered 1Sansome and the other specialty sites of WISH in my 1st WISH article.
Shein is approaching a possible $50billion valuation for its anticipated IPO. In time, 1Sansome's growing to just a fraction of this would be worth more than WISH's current entire market cap.
We can expect more management and top talent appointments to come, as WISH has its several business segments with some much growth ahead. So WISH will have a deep management bench across its many business segments with executives running each/executing the day-to-day according to Peter Szulczewski's vision. Jackie Reses' oversight of organisation growth and experience including at Square where Jack Dorsey has implemented a deep management bench across its businesses and new initiatives, will be highly valuable for this.
they report next week we will see
@Kunzeroyale how do you feel now with a 25% decline?
Trublu profile picture
I just went on WISH. Looks like they already added or had a BNPL option. Not sure if its their own or an API through someone else.

Also I think your fintech revenue estimate is a bit high. As long as there is a PayPal option a large segment will go through that. Also if they are broken up with 39% in Europe, 30% America and 31% rest of world (or whatever it is) then cash pass through will only be a fragment of that.

Overall I’m deeply invested in WISH and the idea of taking over processing, offering micro loans to merchants really monetizing every aspect of the 100m MAU number will be key.
Valber profile picture
Merchants payment processing as Adyen does is providing a one-stop integrated solution for merchants across hundreds of possible payment methods they may receive. It is technology at work on the backend, not a consumer facing interface of PayPal where customers need to open a PayPal account or pass through PayPal interface. So if I were a merchant on WISH and selling through several other e-commerce platforms , and receiving payments through multiple methods including PayPal, I’d rather have a one-stop solution rather than the cumbersome dealing with multiple methods, plus high-fees of PayPal. Now if WISH offered me this Swiss Army knife style one-stop solution with its convenience and cost-saving, I would certainly be keen to take it up.
Europe licensing obtained is the first market and no doubt other markets will follow – the example of other fintechs has shown that multi-market expansion can be rapidly rolled out in a short timeframe. Having the technology in place is the key versus the market licensing hurdle.
The expansion into fintech/merchants payments solutions is also going to drive a virtuous cycle and bring other benefits to WISH’s other businesses. WISH’s marketing spend has been to drive customer growth in order to be one of the top choices for WISH’s merchants to list on. With a merchant payments solution, there is another potential compelling reason for merchants to use WISH and bring new merchants in. WISH customer number growth has slowed this year as WISH focuses on higher value customers – could this change with the new business revenue source from merchant payments solutions to compensate for lower value customers? It is possible, and the faster merchant and customer growth can drive the ad and logistics business revenue too.
We will see what WISH says when it reveals its work in progress in merchants payments solutions in more detail.
As to Buy Now Pay Later, WISH uses Klarna in some markets but it would seem like this could be replaced – Klarna itself has moved into social commerce with a recent acquisition in July. WISH also has a “Pay Later” that is an option to pay a second payment within 30 days but this is much more limited compared to the BNPL fintechs, and is not bringing in new customers or merchants into its platform as a partnership with an established BNPL like Affirm would. WISH with its 100million monthly active users, the majority of which are Gen Y and Z (the main users of BNPL) and its mobile interface, is very ideal for BNPL. At the same time, WISH has had a significant proportion of very low priced items sold that don’t require BNPL hence it likely has not been a major priority in the past over other priorities. But as WISH has been expanding its product platforms (into womens fast fashion with its brand 1Sansome etc) and brand labels on its platform- more demand for BNPL. The BNPL partner for WISH will have all the incentive to support WISH in its e-commerce platform – Amazon is closed to BNPL, all the more reason for a partner to support WISH.
See Jackie Rese's recently authored "manifesto" for the future of fintech that I linked and we can be assured, they are aware of all fintech expansion options to tap on their massive customer and merchant base.
All comparative leading internet merchants have reported decline at their latest earnings report - I expect the WISH to follow. Additional news of new hires only adds to the negative on expense sheets.
@Imakingthisup That's a very short term view for any stock.
Valber profile picture
@Imakingthisup WISH has already guided expectations down last quarter, stock price is down significantly from last earnings and none of its recent bullish news in priced in at all. It is not going to take much this reporting to potentially reverse the bearish hold on the share price – a beat or in-line with low expectations together with more bullish newsflow (detailing of their payment plans, new management appointments, partnerships, or simply highlighting to the market in their call what the market has failed to recognise etc).
Further, although WISH expects profitability in 2023, it could turn a profitable quarter at any time it Wishes by reducing marketing spend. As Amazon has done at earlier points of its history and as WISH has done before as a private company, WISH at some point is going to demonstrate a profitable quarter whereby growth is still maintained, to silence its many detractors. It may not be this quarter, but it will be sooner than later and could be at any quarter within the next 6-12months. 2023 is a long time away, and there is a chance that winter may have arrived then for tech/growth in general – in which case, demonstrating a profitable financial year is going to be ignored by the market then. WISH has a strong net cash position, but whenever the tech winter comes in coming years/this decade, WISH will want to be in a consolidator type position where they have resolutely demonstrated the profitability of their business and has its several existing and new business segments outside of core Marketplace, in full bloom (Marketplace, Product Boost ads, social entertainment, logistics, fintech payments, women’s fast fashion). Then it will be able to pick its choice of acquisition add-ons/investments/partnerships to complement its ecosystem. We can be assured that WISH has plans for this – look to the experience of Peter Thiel in stewarding PayPal through the 2000 dot-com crash, foretelling the coming dot-com crash beforehand and raising as much funding for PayPal at prime valuations at the dot-com heights.
So watch whenever WISH decides it is time to lower its marketing spend, demonstrate profitability for a quarter and prove its many detractors wrong.
What do you see ast the size of the payments market in europe that wish could capture thanks
Valber profile picture
@john boy The payments market is a wide universe made up numerous sub-segments both on the merchant oriented backend solutions and consumer oriented solutions and fragmented. Any new player is likely going to be in one sub-segment first before expanding beyond- see the section on merchant payment processing in article for where WISH could rapidly grow in as their first sub-segment, and this is segment is big enough to rapidly be worth far more than WISH's current market cap. Adyen has gone from under EUR3billion private market valuation 3 years ago to EUR70billion plus today.
grok42 profile picture
Very interesting article and a good example of how to do due diligence on the management and director cadre and larger ecosystem that WISH operates in. Very worth reading! Thanks.
Valber profile picture
@grok42 Thank you for your comment.
This is the best article I’ve read on wish and I’ve read a lot
Valber profile picture
@monkey212 Thank you for your comment.
ramgaana profile picture
Great write up. This is easily a $40+ stock. Accumulating on dips
Valber profile picture
@ramgaana Thanks for your comment. Yes, I see $40 and higher especially as WISH's other business segments outside its core including the new payments, grow rapidly and are recognised by the market; each complementary business segment assisting a virtuous cycle of further growth for the others.
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