Afterpay Expands Into Canada With American Eagle, Huda Beauty, Roots, Native Shoes Among Many Others

Rhea-AI Summary

Afterpay has officially launched its Buy-Now, Pay-Later services in Canada, partnering with top retailers such as American Eagle, Huda Beauty, and Roots. This move allows Canadian consumers to make immediate purchases and pay in four interest-free installments. Afterpay reported a significant growth in sales, processing $11 billion in underlying sales for FY2020, a 112% increase year-on-year. With over 55,000 brands and 10 million customers worldwide, Afterpay aims to enhance e-commerce accessibility in Canada and provide a responsible spending alternative.

Positive

• Afterpay expands into Canada, increasing market presence.
• Partnerships with top brands boost potential customer reach.
• Reported a 112% growth in underlying sales to $11 billion in FY2020.

Negative

• None.

TORONTO and SAN FRANCISCO, Aug. 26, 2020 /PRNewswire/ -- Afterpay (ASX:APT), the leader in Buy-Now, Pay-Later payments, announced today it is now offering its service to consumers and merchants in the Canadian market.

Afterpay enters Canada in partnership with some of the best fashion, beauty and lifestyle brands and retailers in the market including American Eagle, Ardene, BikeExchange, Dermalogica, FragranceX.com, Herschel Supply Co., Huda Beauty, GOLI, Maëlys Cosmetics, Native Shoes, Nixon, Perfume.com and Roots among many others. Over 55,000 brands and retailers are offering, or in the process of offering Afterpay to its more than 10 million customers across the world.  The company assisted merchants in processing $11 billion in underlying sales in FY2020, a 112 percent increase over the same period in FY2019.  

In July of 2020, Afterpay had nearly 12 million app and U.S. site visits and Afterpay's U.S. Shop Directory contributed nearly 9.5 million lead referrals to its retail partners.

Afterpay allows merchants to give shoppers the ability to receive products immediately and pay in four installments over a short period of time. The service is completely free for Canadian customers – helping consumers spend money responsibly, without incurring interest, fees or revolving and extended debt.  More than 90 percent of Afterpay purchases are made with debit cards.

"As millions of consumers across the world turn to e-commerce to shop for everything they need in their life, the time has never been better to give Canadians the ability to use their own money and pay over time – instead of turning to expensive loans with interest, fees or revolving debt," says Nick Molnar, co-founder and North American CEO of Afterpay. "We are thrilled and honoured to partner with some of the best Canadian brands to bring our service to this important market, and help deliver new customers and increased sales to our partners."

More information about Afterpay Canada can be found here.

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time  - helping people spend responsibly without incurring interest, fees or extended debt. As of June 30, 2020 Afterpay is offered by more than 55,400 of the world's favourite retailers, and is used by more than 9.9 million active customers globally. Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay.  Afterpay is on a mission to power an economy in which everyone wins.

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SOURCE Afterpay

FAQ

What is Afterpay's new service in Canada?

Afterpay's new service in Canada allows consumers to make purchases immediately and pay in four interest-free installments.

Which retailers are partnering with Afterpay in Canada?

Afterpay has partnered with retailers like American Eagle, Huda Beauty, and Roots in Canada.

What were Afterpay's sales figures for FY2020?

In FY2020, Afterpay processed $11 billion in underlying sales, marking a 112% increase from FY2019.

How does Afterpay help consumers financially?

Afterpay allows customers to spend responsibly by enabling immediate product access without incurring interest or fees.

What is Afterpay's global reach?

Afterpay operates in Australia, Canada, New Zealand, the U.S., and the U.K., with over 55,000 brands and 10 million customers worldwide.