SAN FRANCISCO--(BUSINESS WIRE)--Afterpay, an innovative digital platform that offers interest-free installment plans for online purchases, announced its launch into the U.S. today. Named as one of Australia’s fastest growing fintech companies by IDC, initial retailers integrating its “buy-now, pay-later” platform include leading fashion and lifestyle retailer Urban Outfitters, Inc., and its portfolio of global brands including Urban Outfitters, Anthropologie and Free People.
Founded in Australia in 2015, Afterpay’s platform has grown to include more than 14,000 Australian retailers and brands including Sephora, Estee Lauder, Lululemon, Myer, The Daily Edited, and Stylerunner. With more than 1.8 million Australian customers to date, Afterpay processes more than 25% of all online fashion/beauty transactions. Afterpay listed on the Australian Securities Exchange in May 2016.
“Afterpay helps shoppers get over that initial price hurdle by offering a platform to help budget for things that they want without needing to take out a loan or open a credit card. This is particularly relevant for millennials who are reluctant to use credit cards and other forms of traditional finance,” said Nick Molnar, founder and CEO of Afterpay. “The service is also appealing to retailers and brands as it helps to increase conversion rates and incremental sales by 20-30%. We are excited to be bringing our platform to the U.S. and launching with Urban Outfitters, an iconic brand group that shares our innovative DNA and drive to deliver great experiences for customers.”
Through Afterpay, shoppers are able to receive products immediately and pay for them in four, interest-free installments and are not required to enter into a traditional loan or pay any upfront fees or interest. Afterpay assumes all non-payment risk on behalf of retailers and the platform integrates easily with merchants’ existing infrastructure.
“We look forward to launching Afterpay across our portfolio of brand websites in the US market, beginning with Urban Outfitters this week,” said Dave Hayne, Chief Digital Officer at Urban Outfitters, Inc. “Preliminary tests in the US have shown promise, and based on the success Afterpay has seen in Australia, we have reason to believe our US customers will embrace this innovative new payment solution.”
“THE ICONIC is Australia’s largest online fashion retailer,” said Patrick Schmidt, CEO of THE ICONIC. “As we are true to our customers, Afterpay has been integrated into our service offering, at the customer’s request. Since launching Afterpay in early 2017, we have seen incredible results, including higher NPS scores for Afterpay customers and higher basket values. Afterpay is the fastest growing payment service offered by THE ICONIC.”
Afterpay is a technology-driven payments company based in Australia that facilitates commerce between retail merchants and their end customers by offering a “buy now, pay later” service that does not require end customers to enter into a traditional loan or pay any upfront fees or interest. Afterpay has developed an end-to-end digital platform and transaction integrity engine that performs real-time fraud and repayment capability assessments. Afterpay is currently integrated with many of Australia’s and New Zealand’s leading online retailers. For more information, visit www.afterpay.com.
About Urban Outfitters, Inc.
Urban Outfitters, Inc., offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of 246 Urban Outfitters stores in the United States, Canada, and Europe and websites; 226 Anthropologie Group stores in the United States, Canada and Europe, catalogs and websites; 134 Free People stores in the United States and Canada, catalogs and websites and 10 Food and Beverage restaurants, as of April 30, 2018. Free People and Anthropologie Group wholesale sell their products through approximately 2,100 department and specialty stores worldwide, digital businesses and the Company’s Retail segment.