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Afterpay Lists on ASX
Aussie payments solution Afterpay has listed on the ASX, raising $25 million to fund its growth, including an in-store rollout of its current online product.
Aussie payment company Afterpay officially listed on the ASX yesterday. A total of 25 million new shares at $1.00 each were issued to new shareholders to raise $25 million in equity. The IPO funds will be used to grow its end customer activities, develop external sources of funding, and expand its merchant client base.
Anthony Eisen, Afterpay Executive Chairman, said: “Our aim is to become the preferred payments platform for retailers and consumers. With a strong leadership team and robust financial and risk management structures, we’re confident that we can support a strong growth trajectory. We are really excited to take this next step as a publicly listed company.”
“Afterpay is clearly resonating with retail merchants who are looking for ways to improve customer service and grow top line sales. Retailers who have integrated the service have seen increases in average order values and repeat purchase rates,” said Nick Molnar co-founder and CEO of Afterpay.
“We are now at a stage that we can accelerate growth through our ASX listing. We have already begun implementing our strategy, including the development of an in-store version of our current online product, that will be rolled out with key existing omni-channel merchants over the coming months,” said Molnar.
Afterpay launched in Australia last year. The company facilitates commerce between retail merchants and their end-customers by offering a “buy now, pay later” service that does not require end-customers to enter into a traditional loan or pay any upfront fees or interest. Afterpay currently has over 160 merchant clients and approximately 60,000 end customers.