Afterpay

Afterpay is a buy now, pay later (BNPL) service that lets shoppers split purchases into four interest-free installments. Founded in 2014 by Nick Molnar and Anthony Eisen, the Australian company has grown into a global player, now owned by Block, Inc. (the company behind Square). As of 2023, Afterpay serves 24 million active users and processes US$27.3 billion in annual payments, making it one of the three most-used BNPL platforms worldwide.

The service works simply: shoppers can buy items in-store or online and pay in four fortnightly installments. No interest is charged, and late fees are the only penalty. Merchants pay a fee to offer Afterpay, but they cannot pass that cost to customers. The company does not check credit scores, making it accessible to a wide range of consumers. Afterpay operates in the U.S., Australia, Canada, New Zealand, and the U.K. (as Clearpay), and previously operated in France, Italy, and Spain until August 2023. It has become a major force in reshaping how people think about credit and retail. [edit]