It's to help customers manage money in a really budgeting-effective way and achieve goals. "The key thing about it is, not just to sell financial products.
" to be able to extend that into managing people's money in a really effective way - and that is really at the core of this relationship with Westpac. "We've got an advantage at the moment in that we have a very frequent and engaged customer base that's very much trusting in our brand. "We don't think at all about turning Afterpay into a traditional banking service," Mr Eisen said. While that would appear to place Afterpay in direct competition with the banks, Mr Eisen rejects such a notion. It will allow Afterpay to provide Westpac transaction and savings accounts and other cashflow management tools to its 3.3 million customers in Australia by the second quarter of the year.Īfterpay wants to further capitalise on its base of repeat and loyal customers by offering a new mobile app called Afterpay Money that will help them better budget. In October, Afterpay and Westpac announced a partnership. The physical world, he says, is "front and centre" of their strategy to further conquer the US, as well as other markets.Īfterpay could get to a place where, when the in-store sales assistant asks a customer how they'll pay for their purchase, they won't just be asking, "are you using Mastercard or Visa?" they will also be asking, "would you like to pay with Afterpay?" Taking on the banks "You can Afterpay an airline ticket, or go to the dentist and use Afterpay," Mr Molnar says.īut he notes while the shift to buy now, pay later has been propelled by more people moving online, bricks and mortar still represents 85 per cent of all retail around the world. Mr Molnar says while online transactions are growing, the relationship the company has with existing merchants globally means they can make inroads to the physical stores. That could help facilitate a US listing that some of its investors are pushing for. The company is also looking to raise $1.25 billion to fold its US subsidiary inside the rest of the group. The impact that her celebrity brand - and other global partnerships - have had on Afterpay's success in North America cannot be underestimated.Īfterpay's active customers in North America rose by 1.6 million to 8.1 million the December quarter. On average, 23,000 new customers a day are added to the Afterpay platform.įor the year ending December 31, the company's global sales were up 106 per cent to $9.8 billion.
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"What's very important - and we're getting this feedback from shareholders - is investing into an opportunity that's still very nascent when you look at the global opportunity."Īfterpay now has more than 13 million active users around the world, allowing it to fast move in on global competitors such as Klarna, Affirm and Zip Co. "A significant amount of that loss actually relates to revaluing our UK entity," Mr Eisen notes, adding that: "I think it's very likely that you'll see in the future, as we scale, profitability emerge." While some analysts had expected the company would report a profit for the first time, on Thursday Afterpay reported that its half-year loss widened to $79.2 million. (Nassim Khadem) Afterpay hits more than 13 million active users
Afterpay sales double, as the company looks to take on the big banks.
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