![]() Business model Īfterpay is best known for its "pay later" service that allows in-store and online customers to purchase a product immediately and pay with four equal fortnightly repayments. On January 31, 2022, Block completed the acquisition of Afterpay, officially making it a subsidiary. On January 20, 2022, the merged entity trading as Block commenced trading on the ASX under the ticker SQ2. ![]() On January 19, 2022, Afterpay suspended trading of its shares on the ASX. On January 12, 2022, the Bank of Spain approved Block's takeover bid of Afterpay, marking the final hurdle in the acquisition merger. ![]() In November 2021, Afterpay announced that they would launch BNPL for subscriptions, such as for gym memberships and entertainment subscriptions, to U.S customers. Shares of Afterpay in Australia closed higher after the news. It was reported that Molnar and Eisen will lead Afterpay's merchant and consumer businesses inside Square. Square will pay A$39 billion in stock for the acquisition and the process is expected to be finalised in the first quarter of 2022. In August 2021, Afterpay and Square, a digital payments company, announced that Afterpay would be acquired by Square. This plan would entail the acquisition of Singapore-based, Indonesia-focused buy-now-pay-later service EmpatKali. In 2020, Afterpay unveiled plans to expand its services to at least four continents, including Asia, to capitalize on the online shopping surge brought by the COVID-19 pandemic. The Financial Review commented that Afterpay's growth was spurred by "investors are seeking exposure to e-commerce as the coronavirus crisis pushes more shopping online, and continuing government stimulus will keep bad debts low”. ĭuring the COVID-19 pandemic, many retailers closed physical stores and potential customers were increasingly hesitant to shop in-person. In its 2019 financial year update, the company announced that its growth in the UK was faster than that of the US, with more than 200,000 UK customers joining in the first 15 weeks. In August 2018, Afterpay acquired 90% of the equity in Clearpay, a UK based BNPL service, for a total consideration of one million Afterpay shares. On, the company announced that its operations had grown to five million active customers in the US. Two months later, the company revealed that it had over two million active users and 6,500 merchants in the US and announced a strategic partnership with Visa Inc. With reported underlying sales of A$4.7 billion in the 11 months to May 2019, in June 2019, Afterpay raised A$317.2 million in fresh capital through a share issue, in part to help fund its international growth. Afterpay was launched in the US in mid-May 2018 with retailers such as Anthropologie, Free People, and Urban Outfitters. In January 2018, American venture capital fund Matrix Partners announced its intention to invest A$19.4 million in Afterpay to support its entry into the US retail market. On, the company listed on the Australian Securities Exchange with an A$25 million IPO. History Īfterpay was founded by Molnar and his then-neighbor, Eisen, in October 2014. ![]() in December 2021) announced they had entered into arrangements for Square to acquire Afterpay for US$29 billion ( A$39 billion), which was later completed on January 31, 2022. In August 2021, Afterpay and American payments company Square, Inc. In November 2019, the company was renamed Afterpay Limited. In June 2017, Afterpay merged with one of its technology suppliers, Touchcorp, to form the Afterpay Touch Group. Afterpay was founded in 2014 by Nick Molnar and Anthony Eisen. It operates in Australia, the United Kingdom, Canada, the United States, and New Zealand. Afterpay Limited (abbreviated as Afterpay) is an Australian financial technology company best known for its buy now, pay later ( BNPL) service. ![]()
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