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Afterpay, an Aussie fintech sensation, recently accepted a staggering $39 billion acquisition offer, despite never having turned a profit or paid dividends to its investors. It's a leader in the buy-now, pay-later space, especially booming during COVID-19 as retailers moved online.
Founders Nick Molnar and Anthony Eisen met as neighbors. In 2014, they launched Innovative Payments, which evolved into Afterpay. Their first client, fashion retailer Princess Polly, saw instant success, catering to young shoppers without credit cards.
In 2015, Afterpay raised $8 million in its first funding round, and by 2016, it went public with a $140 million valuation. Partnerships with major brands like Myer followed, and in 2018, they expanded into the US with retailers like Anthropologie and Urban Outfitters. By 2020, Afterpay entered the European market by acquiring Spanish fintech Pagantis.
Despite controversies, such as selling alcohol to minors, Afterpay's unique model and flexible payment options attracted a massive user base and investor interest. Now, with its sights set on the global market, Afterpay stands as a shining star in Australia's tech scene.
(Credit: Smart Company)
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