Afterpay adding 7,900 new customers a day since 31st December
Afterpay now has 4.3 million active customers and says underlying sales are up 143% in the last 11 months, but it disclosed that the Australian Transaction Reports and Analysis Centre (AUSTRAC) has concerns over its compliance with terrorism financing rules.
Afterpay has appointed a leading professional services firm to conduct a review of its anti-money-laundering/counter-terrorism financing (AML/CTF) framework. Afterpay said it supported new laws passed in April that give the Australian Securities & Investments Commission (ASIC) the power to regulate buy-now, pay-later companies.
Afterpay has partnered with 30,600 active merchants, up 32 per cent from the start of the year. In terms of its overseas expansion, Afterpay said that its US business it launched 13 months ago had generated $780 million for the 11 months to May 31, with 3,300 merchants active and another 1,100 in the process of signing up. In the UK, Afterpay has completed a "soft test" under the Clearpay name and has 50 retailers signed up to its platform.