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Afterpay Limited (abbreviated as Afterpay) is an Australian technology company and a buy now, pay later (BNPL) lender. [1] [2] Founded in 2014 by Nick Molnar and Anthony Eisen, it is now owned by Block, Inc. [3] As of 2023, Afterpay serves 24 million users, [3] [4] processes US$27.3 billion in annual payments, [5] and ranks among the three most-used BNPL services globally.
In February 2020, Afterpay was reported to have 3.6 million active customers in the US, 3.1 million in Australia and New Zealand, and 600,000 in the UK. According to ABC News (Australia) in August 2021, Afterpay had operations in the U.S., Canada and New Zealand, as well as in the U.K., France, Italy and Spain as Clearpay. [94]
Afterpay also offers many attractive features. There is no minimum purchase amount required to use Afterpay. While some merchants may have their own limits, Afterpay doesn’t impose any restrictions.
In May 2023, payment processor Worldpay launched a partnership with Affirm, enabling Worldpay merchants to use Affirm's payment services. The company reported over 17 million consumers and 279,000 merchants, and processed an annual gross merchandise volume (GMV) of $20.2bn for its fiscal year ending June 30, 2023.
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In August 2021, Afterpay was acquired by Square Inc. (later renamed Block, Inc. in December 2021) for US$ 29 billion. [3] It was reported that Eisen and Molnar received US$ 2.7 billion in Square stock for their Afterpay shares and, post-settlement, they will jointly lead Afterpay’s merchant and consumer businesses inside Square.