Stockmarket investors are continuing to ride the Afterpay express train following the release of the buy now, pay later provider's full year accounts on Wednesday.Afterpay unveiled a bottom line loss of A$43.8 million for the 12 months to the end of June 2019, a sharp deterioration in earnings performance compared to the $7 million bottom line loss recorded in 2018.While the magnitude of the loss was way beyond the forecasts of some analysts, it did not stop investors pouring into the company's shares on the back of heavy growth in transaction and revenue volumes. Afterpay's share price rallied more than 9 per cent or $2.41 to a record close of $28.28.In statements to the ASX, the company said the loss was magnified by $44 million of one-off items, including changes to Australian accounting standards and non-cash payments to senior executives."Excluding these items, the statutory loss before and after tax would have been a statutory profit," directors told shareholders in an ASX filing.At a group level, Afterpay generated an 86 per cent increase in revenue to $264 million from its local and overseas operations.  However, the company's financial accounts indicate that growth in Afterpay's Australian business might have begun to slow.Afterpay reported an $82 million rise in income from its Australian operations to $196.8 million.While the 72 per cent growth in revenue from the Australian business seemed to impress the market, it was slower than the 2018 performance when revenue increased by roughly $87 million or more than 300 per cent.Upbeat sentiment towards Afterpay is being fuelled by expectations the company will begin to increase profit margins on its receivables portfolio in coming reporting periods.However, its ability to exercise pricing power in the developing industry could be upended by the entry of new players.Commonwealth Bank is preparing to launch new buy now, pay later products next year through a partnership with Swedish instalment payments provider, Klarna. Global card scheme provider Visa Inc has also flagged it will enter the booming niche market some time next year.In a research report published last night, Goldman Sachs analyst Ashwini Chandra noted that emerging competition was a key risk for Afterpay because new entrants could "impede the unit economics" of its business.Afterpay's interim chair Elana Rubin told shareholders in the annual report that the company had set a target of raising its net transaction margin(NTM) to 2 per cent by 2022.It is not entirely clear what this measure really means because the company has not yet disclosed the formula for how it was calculated.Investor support for the business could be tested next month when the interim findings of an independent audit of the company's anti-money laundering compliance record is delivered to Australia's AML regulator, AUSTRAC.AUSTRAC recently ordered the company to appoint an independent expert to audit its compliance record since 2015 after the regulator expressed concerns about Afterpay's compliance systems.Since June Melbourne auditor Neil Jeans has been delving through Afterpay's transaction records to evaluate the effectiveness of AML decision making at the company and suspicious matter