Afterpay has turned its focus to the imminent launch of its buy now, pay later business in the UK where it will use the name of the business it acquired last year: Clearpay.
“We will be using the same logo, we will be using the same tech, one of the reasons why we’ve done that is that there’s a number of issues that we need to deal with, and the quickest way for us to get into market was to actually use the ClearPay name,” said Afterpay executive director David Hancock at the Macquarie Australia investment conference in Sydney on Tuesday.
According to figures cited by Afterpay, the UK market is worth $720 billion, with $130 billion of this online. By comparison, the Australian market is $320 billion with online worth just $30 billion.
“The UK is a really good opportunity for us to work with very large global brands,” Mr Hancock said.