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.)
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.
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
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:
Expand globally to deepen retailer partnerships. Increase focus on SMB acceptance in newer markets. Utilize brand and innovation to drive customer acceptance and retention.
Maintain focus in every aspect of our performance. Accelerate investment in the global addressable market opportunity.