Opening Bell for Buy Now Pay Later Platforms Industry

Opening Bell for Buy Now Pay Later Platforms Industry

Afterpay Limited (abbreviated as Afterpay or APT) is an Australian financial technology company that operates in Canada, the UK, Australia, the US and New Zealand. Afterpay was founded in 2015 by Nick Molnar and Anthony Eisen. In June 2017 Afterpay merged with one of its technology suppliers, Touchcorp, to form the Afterpay Touch Group. In November 2019 the company was renamed Afterpay Limited.

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Some of the key players of Buy Now Pay Later Platforms Industry:

Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Flexigroup, Openpay

Afterpay is best known for its "Pay Later" service, which allows in-store and online customers to purchase a product immediately and pay for it later with four equal refunds. The repayments are interest-free, but if they are not paid every 2 weeks as needed, there will be late fees.

In January 2018, American venture capital fund Matrix Partners announced its intention to invest AU $ 19.4 million in Afterpay to support its entry into the US retail market. Afterpay was launched in the US in mid-May 2018 with retailers such as Anthropologie, Free People and Urban Outfitters. In August 2019, the company announced that it had over 2 million active users and 6,500 merchants in the U.S. and announced a strategic partnership with Visa Inc. On May 21, 2020, the company announced that its business had grown to five million active customers in the United States.

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