Named as one of Australia’s fastest growing fin-tech companies and with more than 1.8 million Australian customers to date, Afterpay has already processed more than 25% of all online fashion/beauty transactions. Founded in 2015, Afterpay’s platform has grown to include more than 14,000 Australian retailers and brands including Sephora, Estee Lauder, and Lululemon. Now, Afterpay is being launched in the U.S. by partnering with Urban Outfitters which will help drive their sales and help customers buy what they want!
Urban Outfitters, which also owns Anthropologie and Free People, is now using the Australian payment program called Afterpay, which is an innovative digital platform that offers interest-free installment plans for online purchases. Afterpay works within the price range of $35 and $1,000 to qualify and is then split into four payments. The first payment is made immediately, and the remaining three are to be paid every two weeks after.
According to Afterpay’s CEO, Nick Molnar, “Afterpay helps shoppers get over that initial price hurdle by offering a platform to help budget for things that they want without needing to take out a loan or open a credit card. This is particularly relevant for millennial’s who are reluctant to use credit cards and other forms of traditional finance.” This service also helps the several retailers and brands that are collaborating with Afterpay because it helps increase the conversion rates and incremental sales by 20-30%.
Afterpay is evolving quickly and aims to be the #1 leading retail technology company and an employer of choice. Afterpay hopes to increase their portfolio of brands in the U.S. market, as they begin their venture with Urban Outfitters. Afterpay currently works alongside a total of 35 stores including Lorna Jane, Quay Australia, and Urban Outfitters.
“Based on the success that Afterpay has seen in Australia, they have reason to believe their U.S. customers will embrace this innovative new payment solution.”
-Afterpay’s CEO, Nick Molnar