Afterpay Q1 sales more than double due to strong US growth

Afterpay’s US business showed the second-fastest growth rate among all of its regions in the quarter

                                

Australian "buy-now-pay-later" firm Afterpay has said its underlying sales in the first quarter more than doubled, due to strong growth in the US where it added nearly a million new customers in three months.

Afterpay’s US business showed the second-fastest growth rate among all its regions in the quarter, with underlying sales there at A$1.6bn ($1.14bn) from a year earlier.

Afterpay now has 11.2 million active customers as of end-September, 1.3 million more than three months ago.

Online shopping has grown during the Covid-19 pandemic and therefore increased the appeal of alternative credit firms that offer small interest-free instalment loans to shoppers.

Afterpay said that in October it was averaging about 15,000 new customers a day, compared with 12,500 a day over the quarter.

Total underlying sales for the three months ended September 30 was A$4.1bn, compared with A$1.9bn in the previous corresponding period.

The company added that its global expansion plans in parts of Europe and Asia were going well.

Afterpay is also diversifying its products in Australia by offering savings accounts through Westpac Banking Corp and budgeting tools.

Its shares climbed 8.2 per cent to A$103.8 by midday.

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