SAN FRANCISCO, CA, May 23, 2018 – Afterpay, a cutting-edge digital platform providing interest-free payment plans for online shoppers, announced its expansion into the U.S. market today. Recognized as one of Australia’s fastest-growing fintech firms by IDC, initial U.S. retail partners include the prominent lifestyle retailer Urban Outfitters, Inc., featuring its brands Urban Outfitters, Anthropologie, and Free People.
Launched in 2015 in Australia, Afterpay has partnered with over 14,000 retailers down under, such as Sephora, Estee Lauder, and Lululemon, attracting more than 1.8 million customers and handling over a quarter of all online fashion and beauty sales in Australia. Afterpay went public on the Australian Securities Exchange in May 2016.
“Afterpay addresses the initial cost concern for shoppers by offering a budget-friendly way to buy now and pay later, without needing to use traditional credit options,” said Nick Molnar, founder and CEO of Afterpay. “This feature is especially attractive to millennials who prefer not to use credit cards. Retailers also benefit from about 20-30% increases in conversion rates and sales. We’re thrilled to bring our platform to the U.S. with Urban Outfitters, a brand that resonates with our innovative spirit and commitment to excellent customer experiences.”
Afterpay allows customers to receive items immediately but pay in four interest-free installments, without taking out a traditional loan or paying any upfront fees or interest. Afterpay also takes on the risk of non-payment for retailers, integrating seamlessly with their existing systems.
Dave Hayne, Chief Digital Officer at Urban Outfitters, Inc., commented, “We’re eager to introduce Afterpay across our brand websites in the U.S., starting with Urban Outfitters this week. Our preliminary tests here have been promising, and judging by Afterpay’s success in Australia, we anticipate a strong reception from our U.S. customers.”
Patrick Schmidt, CEO of THE ICONIC, Australia’s largest online fashion retailer, noted, “Afterpay has been incorporated into our services by customer demand. Since its introduction in early 2017, we’ve seen significant positive impacts, including higher customer satisfaction and increased average order values. Afterpay is now the fastest growing payment method at THE ICONIC.”
About Afterpay
Afterpay is a technology-led payment company from Australia that enables transactions between retailers and their customers by providing a “buy now, pay later” service without traditional loans or upfront fees. Afterpay’s comprehensive digital platform conducts real-time fraud checks and repayment capability assessments. It is currently integrated with many top online retailers in Australia and New Zealand. For more information, visit www.afterpay.com.
About Urban Outfitters, Inc.
Urban Outfitters, Inc. sells a variety of lifestyle merchandise and consumer products through a portfolio of global brands. It operates 246 Urban Outfitters stores, 226 Anthropologie Group stores, and 134 Free People stores across the United States, Canada, and Europe, plus 10 Food and Beverage restaurants, as of April 30, 2018. Its wholesale operations extend to roughly 2,100 department and specialty stores globally, alongside significant online retail operations.
Ellie Dautner, a finance postgraduate from the University of San Diego, is an expert journalist in fintech and mobile payment technology. She specializes in writing about fintech, mobile payments, startup funding, and acquisitions.