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|Type of business||Public|
Type of site
|Traded as||ASX: APT|
|Area served||Australia, New Zealand|
Nicholas Molnar (Co-Founder, CEO)Anthony Eisen (Co-Founder)
|Revenue||US$24.97 million (2017)|
|Total assets||US$148.81 million (2017)|
Afterpay US, Inc.
Afterpay Pty Ltd
|Users||2.2 million (2018)|
|Native client(s) on||
Afterpay Touch Group is an Australian financial technology company operating in Australia and New Zealand. It allows retailers to offer their customers to buy now and pay later without requiring a traditional credit, upfront fees or interest.
Merchants offer Afterpay to customers, either online or instore. The customer pays a quarter of the purchase amount to Afterpay who pays the merchants upfront. Customers pay the remainder for the items in four fortnightly instalments. If the customers makes all their payments on time, they pay nothing more than the purchase price. Failure to make their payments will result in a late fee. Customers are required to be over eighteen years of age to use the service.
In January 2018, US venture capital fund Matrix Partners said it would invest $19.4 million in Afterpay to support its entry into the US retail market, which is worth $US3.8 trillion in total annual turnover, including $US450 billion in online purchases.
Afterpay launched in the US in mid-May 2018, over $11m of underlying sales was processed in the first full month in June 2018. By comparison, it took approximately 16 months for the Australian Afterpay business to achieve $11m of underlying sales.
Over 400 retailer contracts signed to date and over 200 retailers are currently transacting on the platform including major millennial focused brands like Urban Outfitters (since 16 May 2018) and Revolve (since 9 July 2018).
- "ASX: APT". asx.com.au. ASX. June 2018.
- Chau, David. "Afterpay's late fees make up 24pc of its income; ASIC recommends buy now, pay later law reform". ABC. Retrieved 10 September 2018.
- McGowan, Michael. "Afterpay: buy-now pay-later scheme soars in popularity but experts sound warning". The Guardian. Retrieved 10 September 2018.
- "Afterpay Touch". Market Index. Retrieved 2018-07-09.
- Pash, Chris (2018-06-14). "Afterpay is Australia's FinTech Organisation of the Year for the second year in a row". Business Insider Australia. Retrieved 2018-07-09.