Afterpay reports record sales, bringing in $1 billion during November

Afterpay reports record sales, bringing in $1 billion during November

Buy-now pay-later (BNPL) provider Afterpay (ASX: APT) has finally hit the $1 billion mark, signifying the platform's strongest month of sales since its inception.

The $1 billion of monthly underlying sales was buoyed by the Black Friday and Cyber Monday sales, which Afterpay says were record trading days for the company.

The record month contributes significantly to total underlying sales of $3.7 billion achieved in the first five months of FY2020.

Over the two big sales days in November the website processed underlying sales of $160 million, up over 160 per cent on the same two days in 2018, outstripping previous daily records for the BNPL provider.

Afterpay also nabbed itself 140,000 new customers over the two days, up 160 per cent on 2018.

At the end of November afterpay has more than 6.6 million active customers, up approximately 0.5 million in the last month alone.

On average, 22,000 new customers joined Afterpay per day in November. The US market was a key driver for this, with the region now contributing an equivalent customer base size to Australia and New Zealand just 19 months since launch.

The company's UK business is similarly picking up pace, with more than 500,000 active customers transacting with Afterpay in the seven months since it launched there.

Afterpay now has 42,500 active merchants offering the BNPL solution as a payment choice.

The listed fintech is on a serious roll of late, especially following the handing down of a pivotal report into the group's compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act.

Shares in the BNPL sensation surged by more than 8 per cent to $33 each in early trading last week after Afterpay confirmed the final report from external independent auditor Neil Jeans had been received and provided to AUSTRAC.

The report concluded the majority of historic non-compliance matters had been addressed, with the remainder covered in its recommendations.

Shares in Afterpay Touch Group are up 3.78 per cent to $30.18 per share at 12.07pm AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Car subscription software company Loopit eyes global markets after $3.6m seed round

Car subscription software company Loopit eyes global markets after $3.6m seed round

In a bid to enter new global markets and capitalise on the growing ...

Fashion-tech startup Citizen Wolf uses data to tailor tees, alleviate landfill

Fashion-tech startup Citizen Wolf uses data to tailor tees, alleviate landfill

As a consequence of our addiction to fast fashion, Australia sends ...

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

In an effort to appease Australian and New Zealand regulator concer...

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

After securing an $830 million contract from Dexus (ASX: DXS), Melb...