Afterpay 2024 Competitor Profile

Afterpay 2024 Competitor Profile

Summary

Afterpay offers buy now pay later (BNPL) services, enabling consumers to pay for purchases in installments. Initially an online-only payment solution, it is now also available for in-store purchases in select countries.

Founded in Australia in October 2014, Afterpay subsequently expanded its operations by launching in New Zealand (May 2017), the US (May 2018), the UK (under the Clearpay brand name) (August 2018), and Canada (August 2020). In addition to the UK, Clearpay was also available in other European markets including France, Italy, and Spain; however, the group ceased operating in those markets in August 2023. With 22 million customers and 240,000 merchants, it is becoming a strong alternative to credit cards as well as a key payment solution among people with limited access to traditional credit.

In July 2017, Afterpay merged with technology provider Touchcorp to form Afterpay Touch Group. In November 2019, the group changed its name to Afterpay Limited. In January 2022, Block (formerly known as Square) acquired Afterpay; Afterpay now operates as a wholly owned subsidiary of Block.

The report provides information and insights into Afterpay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its revenue model
• The company's important events and milestones

Scope

• In 2014, Afterpay was founded in Australia as a payment option for online shopping.
• In March 2019, Afterpay launched a cross-border payment service in Australia and New Zealand, enabling users to purchase products from partner merchants in other countries.
• In February 2021, Afterpay partnered with Stripe, enabling Stripe’s merchants to offer Afterpay’s interest-free payment solutions to their customers.
• In September 2022, Afterpay partnered with online ticket booking platform Alternative Airlines to offer Clearpay as a payment option to UK-based customers.
• In November 2023, Afterpay partnered with luxury apparel brand Matches to offer Clearpay’s Pay in 4 option to Matches customers.

Reasons to Buy

• Gain insights into Afterpay business operations and key events.
• Gain insights into its product portfolio and revenue model.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.