The Afterpay Touch Group Ltd (ASX: APT) share price is going nuts after giving an update about its progress in the US.
Afterpay Touch is the owner of the popular “buy now, pay later” app. As of early 2019, Afterpay had over 3.5 million registered users worldwide, making it one of Australia’s true technology success stories.
What Afterpay Reported
Afterpay said that it has now reached 1.5 million US customers, who can now shop using the Afterpay service at more than 3,300 US retailers.
The buy now, pay later leader also said that there are a further 1,000 merchants who are in the process of integrating the Afterpay platform to offer their customers an alternative way to pay for products.
Just today Afterpay said that it has partnered with Levi’s, Ray-Ban, O’Neill and Tarte Cosmetics.
Afterpay CEO and Co-Founder Nick Molnar said: “We are thrilled to be expanding Afterpay to hundreds of thousands more shoppers in the US each month.
“As more millennials and Gen Zers shop for brands ranging from American icons like Levi’s, Ray-Ban, Jeffree Star Cosmetics and O’Neill to younger category-shaking brands like Tarte Cosmetics, they are showing how important it is to them to be able to manage their budgets responsibly and never be caught off guard by surprise interest payments or fees.”
What Else Did Afterpay Update The Market About?
Afterpay said that it now works with more than 30,000 retail partners across the world, and is obviously adding more every month.
The buy now, pay later company said it’s expanding its scope with current partners to develop “influencer programs.”
In mid-March. Afterpay’s retail partners in the US and Australia celebrated “Afterpay Day” by providing exclusive promotions and offers to customers.
Afterpay continues to grow in popularity and could still become a dominant force in the US despite the competition it is facing here and abroad. But, it’s not the type of business I want to own in my portfolio. It’s not yet profitable and is essentially building a bigger and bigger receivables book that could go sour in a recession.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.