Australia's Afterpay to explore global listing as first-half sales double


Afterpay and its global competitors such as Sweden's Klarna, Affirm and Zip Co have witnessed explosive growth since the pandemic locked down much of the world and turned more people toward online shopping.

SYDNEY:Afterpay said on Thursday it was exploring an additional listing abroad amid increased U.S. investor interest and as the Australian buy-now-pay-later firm's first half sales more than doubled on strong holiday shopping growth.

Afterpay and its global competitors such as Sweden's Klarna, Affirm and Zip Co have witnessed explosive growth since the pandemic locked down much of the world and turned more people toward online shopping.

The Australian fintech also said it was raising A$1.25 billion through the issue of convertible notes.

Afterpay's shares have surged around 1,500% since March, establishing itself as Australia's 12th most valuable company.

The value of transactions done through Afterpay rose to A$9.8 billion ($7.81 billion) in the six months to Dec. 31, twice that of the A$4.8 billion processed a year ago.

Active customers using Afterpay shot up 1.9 million to 13.1 million in the three months to December.

Afterpay processed A$4.2 billion in transactions in North America, largely in the United States, the industry's biggest prize, and saw active customers rise 1.6 million to 8.1 million in the December quarter.

Klarna, Afterpay's main global rival, is also reportedly about to tap more private funding. The company is reporting full-year results later on Thursday.

($1 = 1.2547 Australian dollars)

- Reuters
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Australia , Afterpay , Klarna , Affirm , Zip , global listing ,

   

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