RE: RNS?10 Aug 2020 13:20
From 27 July....
In a recent financial update, Afterpay said the June quarter reflected its best-ever sales results, due to "the accelerating shift to e-commerce spending since the impacts of COVID-19 emerged globally".
The company recorded $3.8 billion dollars worth of underlying sales in the fourth quarter of 2020, an increase of 127 per cent when compared to the same period last year.
Meanwhile, the U.S. had the best growth out of all of the territories Afterpay is available in, with sales increasing by 299 per cent in Q4, compared to the same period in FY19.
Afterpay is already operating in Australia, New Zealand, the U.S. and the U.K, with 9.9 million customers across those regions. But it'll use some of the funds from its recent equity raise to launch into the Canadian market, with the move expected to occur in the first quarter of FY21.
The money will also be used to expand its existing customer base by rolling out in-store payment options, which the company has essentially done with its new agreement with Apple and Google.
Under the deal, which was announced in July, Afterpay will be available to use online and in-store via the two tech giants mobile wallets, Google Pay and Apple Pay.
It's a strong sign that Afterpay could remain the leader in the buy now, pay later market.