Co-founders Nick Molnar and Anthony Eisen launched Afterpay nearly six 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, the first installment is completed at the time of purchase. The remaining three installments are due every two weeks, and customers get a reminder when their next payment is due.
There’s a clear generational shift in payment preferences. A staggering 63% of Millennials don’t own a single credit card. That’s why at Afterpay, we’re turning the credit industry on its head by putting our trust in the customers and giving shoppers the freedom to buy what they want today and pay over time.
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
In March 2021, Afterpay expands to new markets in Europe, including Spain, Italy and France
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:
It’s not pay in four, or BNPL, it’s Afterpay. We are the verb and our own category. Our new visual identity enhances alignment with our global customer base and differentiation.
Expand globally to deepen retailer partnerships. Increase focus on SMB acceptance in newer markets. Utilize brand and innovation to drive customer acceptance and retention.
Drive greater ecosystem value to customers and merchants. Elevate customer-led differentiation via platform enhancements. Leverage merchant insights, tools and value-added outcomes.
Maintain focus in every aspect of our performance. Accelerate investment in the global addressable market opportunity.