Afterpay reports record sales, bringing in $1 billion during November
Written on the 5 December 2019 by David Simmons
Buy-now pay-later (BNPL) provider Afterpay (ASX: APT) has finally hit the $1 billion mark, signifying the platform's strongest month of sales since its inception.
The $1 billion of monthly underlying sales was buoyed by the Black Friday and Cyber Monday sales, which Afterpay says were record trading days for the company.
The record month contributes significantly to total underlying sales of $3.7 billion achieved in the first five months of FY2020.
Over the two big sales days in November the website processed underlying sales of $160 million, up over 160 per cent on the same two days in 2018, outstripping previous daily records for the BNPL provider.
Afterpay also nabbed itself 140,000 new customers over the two days, up 160 per cent on 2018.
At the end of November afterpay has more than 6.6 million active customers, up approximately 0.5 million in the last month alone.
On average, 22,000 new customers joined Afterpay per day in November. The US market was a key driver for this, with the region now contributing an equivalent customer base size to Australia and New Zealand just 19 months since launch.
The company's UK business is similarly picking up pace, with more than 500,000 active customers transacting with Afterpay in the seven months since it launched there.
Afterpay now has 42,500 active merchants offering the BNPL solution as a payment choice.
The listed fintech is on a serious roll of late, especially following the handing down of a pivotal report into the group's compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act.
Shares in the BNPL sensation surged by more than 8 per cent to $33 each in early trading last week after Afterpay confirmed the final report from external independent auditor Neil Jeans had been received and provided to AUSTRAC.
The report concluded the majority of historic non-compliance matters had been addressed, with the remainder covered in its recommendations.
Shares in Afterpay Touch Group are up 3.78 per cent to $30.18 per share at 12.07pm AEDT.
Business News Australia
Author: David Simmons