Description
Afterpay Limited is an Australian financial technology company operating in Australia, the United Kingdom, Canada, the United States, and New Zealand. Afterpay was founded in 2015 by Nick Molnar and Anthony Eisen.
In June 2017, Afterpay merged with one of its technology suppliers, Touchcorp, to form the Afterpay Touch Group. In November 2019, the company was renamed Afterpay Limited. In August 2021, Afterpay announced it would be acquired by Square, Inc. by the first quarter of 2022.
Business model
Afterpay is best known for its "pay later" service that allows in-store and online customers to purchase a product immediately and pay for it later with four equal repayments. The repayments are interest-free, but if they are not paid every 2 weeks as required, late fees are accrued.
