⁍ Australia’s Afterpay Ltd reported a 115% surge in first-quarter underlying sales.
⁍ The company’s U.S. business generated the fastest growth in the quarter.
⁍ Alternative credit firms such as Afterpay are riding the boom in online shopping.
– Australia’s Afterpay is enjoying the e-commerce boom like never before, with sales up 115% in the first quarter and nearly 1 million new customers in the US, Reuters reports. The buy-now-pay-later company offers short-term, installment loans to shoppers and makes money by charging merchants a commission. Alternative credit firms such as Afterpay that offer small installment loans to shoppers and make money by charging merchants a commission are riding the boom in online shopping due to the coronavirus pandemic. Amid this shift to e-commerce, the company has been focusing on diversifying product offerings in Australia. Afterpay said on Wednesday it was also moving on track with its expansion plans in mainland Europe and parts of Asia. The company’s underlying sales for the three months ended Sept. 30 came in at A$4.1 billion ($2.92 billion), up from A$1.9 billion in the same quarter last year.
Source: https://www.reuters.com/article/afterpay-results-int/buy-now-pay-later-firm-afterpays-first-quarter-sales-more-than-double-idUSKBN27C36B