Co-founders Nick Molnar and Anthony Eisen launched Afterpay just over five years ago as an interest-free, buy-now-pay-later alternative that’s more in line with the needs and spending patterns of modern shoppers.
Customers pay in four installments, and in most cases, with the first installment at the time of purchase, and then the remainder is split over three installments due every two weeks. (Customers even get a reminder when their next payment is due.)
As long as customers pay on time, they aren’t charged a single fee. And because we’ve partnered with over 55,400 retailers and brands globally, customers can use Afterpay at all the places they love to shop.
There’s a clear generational shift in payment preferences. A staggering 63% of Millennials don’t own a single credit card. That’s why at Afterpay, we’re turning the credit industry on its head by putting our trust in the customers and giving shoppers the freedom to buy what they want today and pay over time.
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Rather, it’s a budgeting tool that allows customers to spread out the cost of their purchase across a series of more digestible payments. It gives customers the flexibility to spend their own money while ensuring they’re never spending more than the actual price of the item they’re buying. Because customers are only charged if they miss a payment, they are incentivized to stay organized and accountable.
9.9 million customers globally, and growing
55.4k+ global retail and brand partners
Active customers more than doubled from July 2019 to June 2020
An average of 17.3k new customers were added to the Afterpay platform per day over the past year, increasing to 20.5k new customers per day from April - June 2020
Customer purchasing frequency continued to grow across all markets. Increased frequency has translated to higher repeat customers
The US is the largest active customer base at 5.6m with over 1.0m new customers acquired during the first few weeks of quarantine
The Afterpay platform generated an average of 14.5 million customer referrals to our retail partners per month from April - June 2020
Afterpay is offered in store at around 36% of our ANZ merchants and accounts for 20% of ANZ sales
Afterpay’s in-store solution in the US is actively being rolled out with merchant partners including: Forever 21, Finish Line, JD Sports, Levi’s, Skechers, Fresh, APL, Solstice Sunglasses, and select DSW stores
In 2015, Afterpay launched in Australia
In 2016, Afterpay debuted on the Australian public market, and today is a top 20 ASX company, based on market valuation
In 2017, Afterpay hit 1 million customers and over 7,200 merchant partners as they launched in New Zealand
In 2018, Afterpay launched in the US market. In 2019, Afterpay launched in the UK market, with the Clearpay name
In May 2020, Afterpay hit 5 million US customers. In June 2020, Afterpay (known as Clearpay in the UK) hit 1 million UK customers
In August 2020, Afterpay launched into Canada; and announced their expansion into Southern Europe in partnership with Pagantis
Today’s shopper wants a better way to pay. That’s why we’re striving to make paying for products as enjoyable as shopping for them.
Afterpay offers customers a responsible way to budget their spending, and they can do so without having to worry about hidden feeds, interest or credit checks.
Afterpay’s global mission is to empower a more responsible economy in which everyone wins. To keep us focused on this mission, here are our guiding principles:
It’s not pay in four, or BNPL, it’s Afterpay. We are the verb and our own category. Our new visual identity enhances alignment with our global customer base and differentiation.
Expand globally to deepen retailer partnerships. Increase focus on SMB acceptance in newer markets. Utilize brand and innovation to drive customer acceptance and retention.
Drive greater ecosystem value to customers and merchants. Elevate customer-led differentiation via platform enhancements. Leverage merchant insights, tools and value-added outcomes.
Maintain focus in every aspect of our performance. Accelerate investment in the global addressable market opportunity.
Maintain focus on our people, protecting the business, caring for customers and good corporate governance.