Buy now, pay later market leader Afterpay posted a staggering $345.5 million loss after tax for the six months to end 2021, a 336% increase on the $79.2 million loss the fintech posted in the corresponding period in 2020. The figures are the first published by the BNPL since Jack Dorsey’s US payments platform Square… Read more »
Shares in Block, the ASX-listed company formed out the A$39 million merger of Afterpay with Jack Dorsey’s payments platform Square, surged up to 40% in Friday trade after the US parent company released a Q4 trading update that beat expectations. Block (ASX:SQ2) shares hit $165 during Friday trade, having closed at $116.05 on Thursday. The… Read more »
Afterpay’s $39 billion takeover deal with Square dragged down the Australian fintech’s share price yet again amid delays and the US payments company announcing a rebrand. Because the takeover is an all-scrip deal, Square’s (NYSE: ASX) 6.6% fall in its stock overnight weighed on Afterpay (ASX: APT) in Thursday trade, falling 6.08% to close at… Read more »
ASX-listed BNPL Afterpay helped generate an impressive $21 billion in sales in FY21, up 90% on the previous year, thanks to 16 million customers. But the company also did a stellar job growing its losses, which jumped 600%, from a $19.8m statutory loss in FY20 to $156.3 million last financial year. With a $39 billion… Read more »
Welcome to Ignition Lane’s Weekly Wrap, where they cut through the noise to bring you their favourite insights from the technology and startup world. Ignition Lane works with ambitious business leaders to apply the Startup Mindset to their technology, product and commercialisation problems. This wrap goes out free to subscribers every Saturday. Don’t forget you can catch Gavin Appel discussing… Read more »
The A$39 billion (US$29 billion) that Twitter founder Jack Dorsey’s digital payments company Square is paying to acquire Australian upstart payments outfit Afterpay is the biggest takeover deal in Australian corporate history. It surpasses the A$32 billion European commercial real estate giant Unibail-Rodamco agreed to pay for Frank Lowy’s Westfield Corporation in 2017. The deal… Read more »
Jack Dorsey’s payments platform Square is buying ASX-listed Australian fintech Afterpay Ltd (ASX: APT) in a deal worth US$29 billion (A$39bn). Anthony Eisen and Mick Molnar, co-founders of the buy now, pay later (BNPL) platform will join Square when the deal goes through early in 2022. They will help lead Afterpay’s respective merchant and consumer… Read more »
Peak body Financial Counselling Australia (FCA) has written to advertising regulator Ad Standards asking for Afterpay’s TV ad featuring Rebel Wilson to be banned over its “gratuitous and inappropriate” use of a children. The ad features Wilson sitting in a play room with a young child saying “if credit cards and cash had a baby… Read more »
Buy-now-pay-later market leader Afterpay (ASX: APT) is getting into ibanking, launching an app-based no fee deposit account paying 1% interest. The ASX-listed fintech has been granted an Australian Financial Services Licence (AFSL) by ASIC so it can provide general financial product advice and distribute basic deposit products and debit cards. Called Money by Afterpay, the… Read more »
The world’s biggest investor, New York firm Blackrock, is selling down ASX-listed fintech Afterpay as the company’s share price continues to head south. Afterpay (ASX: APT) lodged yet another ceasing to be a substantial shareholder notice for Blackrock today, after nearly five months of the investment firm dipping in and out of having 5% stake… Read more »
ASX-listed Afterpay is contemplating a US listing as global sales for the third quarter of FY21 continue to boom. The buy-now-pay-later (BNPL) fintech (ASX:APT) beat market expectations, with underlying sales overall up 104% on 12 months ago, while underlying sales in the US and UK were up 167% and 246% respectively for Q3 FY21. Quarterly… Read more »
Australia’s biggest bank will take on fintech powerhouses such as Afterpay, Zip and Sezzle by launching its own Buy Now, Pay Later (BNPL) product within months. The Commonwealth Bank of Australia (CBA) will offer its own BNPL product to CBA customers from mid-2021 to use anywhere Mastercard payments are accepted. The move will be CBA’s… Read more »
Afterpay investors received some good news today when Citi Research upped its price target for the buy-now-pay-later fintech’s stock from $115 to $124.80 following the release of the company’s earnings results. Citi has maintained a “Neutral” rating on the BNPL’s shares (ASX: APT), which soared to a record high of $160 last month, then went… Read more »
Afterpay (ASX:APT) shares are being smashed today after returning to trade today in a bad end to the month for tech stocks. The buy-now-pay-later fintech called a trading halt to its shares yesterday ahead of releasing its half-yearly results, which included a $79 million loss, despite analyst expectations of a maiden half-year profit, and plans… Read more »
Afterpay will receive an early Christmas present next week, joining the elite S&P/ASX 20 Index of the 20 largest companies by market capitalisation on December 21, alongside the likes of Coles, CBA, Rio Tinto, BHP and CSL, as the company’s share price continues to soar The fintech (ASX: APT) now has a market cap of… Read more »
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