As of September 2023, Block, Inc was the largest Buy Now, Pay Later (BNPL) company listed on the Australian Securities Exchange (ASX) with a market capitalization of over 44.6 billion Australian dollars. At the end of January 2022, U.S. payment firm Block, Inc acquired the Australian market leader Afterpay Limited.
Afterpay’s business model
Founded in Australia in 2014, Afterpay offers a BNPL service that allows both in-store and online customers to purchase a product immediately while paying it off in installments. Afterpay’s income consists of processing fees from the merchant, and late payment fees from the consumer. In Australia and New Zealand, the company’s segment income in the 2021 financial year reached 427 million Australian dollars, with the number of active customers in the millions.
Effective as of January 31, 2022 (Pacific Standard Time) / February 1, 2022 (Australian Eastern Daylight Time) (the “Effective Date”), Block, Inc. (formerly Square, Inc.) (“Block”), indirectly through its subsidiary Lanai (AU) 2 Pty Ltd, completed its acquisition of Afterpay Limited (“Afterpay”) by acquiring all of the issued shares in Afterpay (the “Acquisition”).
Values have been rounded.
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ASX. (September 21, 2023). Market capitalization of Buy Now, Pay Later companies listed on the ASX in Australia as of September 2023 (in million Australian dollars) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/1290284/australia-market-cap-of-bnpl-companies-on-asx/
ASX. "Market capitalization of Buy Now, Pay Later companies listed on the ASX in Australia as of September 2023 (in million Australian dollars)." Chart. September 21, 2023. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/1290284/australia-market-cap-of-bnpl-companies-on-asx/
ASX. (2023). Market capitalization of Buy Now, Pay Later companies listed on the ASX in Australia as of September 2023 (in million Australian dollars). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/1290284/australia-market-cap-of-bnpl-companies-on-asx/
ASX. "Market Capitalization of Buy Now, Pay Later Companies Listed on The Asx in Australia as of September 2023 (in Million Australian Dollars)." Statista, Statista Inc., 21 Sep 2023, https://www.statista.com/statistics/1290284/australia-market-cap-of-bnpl-companies-on-asx/
ASX, Market capitalization of Buy Now, Pay Later companies listed on the ASX in Australia as of September 2023 (in million Australian dollars) Statista, https://www.statista.com/statistics/1290284/australia-market-cap-of-bnpl-companies-on-asx/ (last visited September 01, 2024)
Market capitalization of Buy Now, Pay Later companies listed on the ASX in Australia as of September 2023 (in million Australian dollars) [Graph], ASX, September 21, 2023. [Online]. Available: https://www.statista.com/statistics/1290284/australia-market-cap-of-bnpl-companies-on-asx/