Afterpay racks up $1b in monthly sales as UBS urges caution


Buy now, pay later darling Afterpay racked up $1 billion in underlying November sales on the back of strong Black Friday and Cyber Monday trade, but analysts continue to warn investors about the company’s long-term viability.

The strong sales growth came as 500,000 new customers signed up to the payments service last month, and the number of active merchants reached 42,500.

Afterpay chalked up record sales figures in November.Credit:Dominic Lorrimer

The Black Friday and Cyber Monday sales helped the company chalk up $160 million worth of underlying sales over the two-day period, a 160 per cent increase on tranactions completed during last year’s five-day shopping period.

Since launching in the US last year, Afterpay has signed up 3 million American customers in 18 months, the same sized client pool as it has in Australia and New Zealand.



Business

Related posts

Make a comment