- Buy now, pay later leader Afterpay (APT) has achieved $1 billion of monthly underlying sales in November
- This represents Afterpay’s highest monthly performance since its inception and contributes to total underlying sales of nearly $4 billion achieved so far this financial year
- This increase can be partly attributed to the frantic Black Friday and Cyber Monday sales which swarmed Australian retailers
- It seems the post-Thanksgiving frenzy sales brought in over 140,000 new customers – a 160 per cent growth since the equivalent days in 2018
- Afterpay is up 3.99 per cent and shares are trading for $30.24 cents each
Buy now, pay later leader Afterpay (APT) has achieved $1 billion of monthly underlying sales in November.
This represents Afterpay’s highest monthly performance since its inception in 2014 and materially contributes to total underlying sales of $3.7 billion achieved so far in the 2020 financial year.
At the end of November, the fintech business boasted over 6.6 million active customers, which is a 0.5 million increase since the last month.
On average, Afterpay saw over 22,000 new customers per day join in the month of November
This increase can be partly attributed to the frantic Black Friday and Cyber Monday (BFCM) sales which swarmed a plethora of Australian retailers.
It seems the post-Thanksgiving frenzy sales brought in over 140,000 new customers – a staggering growth of over 160 per cent since the equivalent BFCM days in 2018.
Underlying sales of over $160 million over the two days was achieved which also shows a 160 per cent increase since the equivalent days last year.
The buy now, pay later mogul’s merchant portfolio and pipeline has continuously grown with 42,500 active retailers now offering Afterpay to their customers.
Retailers offered sales at incredible discounts, some of up to 70 per cent off, but Aussies decided to make the dent in their wallet hurt a little less by utilising the pay later option.
“People want to buy great gifts for family but don’t always have the budget to pay for that all in full upfront,” Afterpay U.S. CEO Nick Molnar said in an interview with PYMNTS.
Most popular, was the intention to kick off shopping for Christmas presents and, with the large variety of merchants offering Afterpay, customers could find what they’re looking for at a bargain.
“If they know the funds are coming and you give them the flexibility to buy what they want, you are providing them with a better experience that has nothing to do with offering a discount, and everything to do with taking anxiety out of the season,” he continued.
Also in time for BFCM sales, makeup lovers rejoiced as MECCA’s online store started offering Afterpay.
Afterpay is up 3.99 per cent and shares are trading for $30.24 cents each at 11:52 am AEDT.