Buy-now-pay-later company Afterpay 'stratospheric rise' is part of a wider structural shift towards online purchasing, according to InvestSMART’s EvanLucas_INV.
Buy-now-pay-later company Afterpay "stratospheric rise" is part of a wider structural shift towards online purchasing, according to InvestSMART’s Evan Lucas. The founders of Afterpay are selling $250 million worth of shares, in a bid to raise about a billion dollars to help it fund growth into more countries. In total the owners are selling four million shares so it can expand further into the United States and enter Canada for the first time.
Afterpay’s share price over the June quarter increased by more than 224 per cent. and is trading at $72.31. A 2019 report by the Australian Securities and Investments Commission found 86 per cent of consumers would re-use buy now, pay later options. “It has been absolutely accelerated during this period where online purchasing is now the norm,” Mr Lucas told Sky News. “This lockdown globally has caused a structural shift. “They’re up almost 180 per cent since May.
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