Co-founders Nick Molnar and Anthony Eisen launched Clearpay nearly six years ago as an interest-free, buy-now-pay-later alternative that’s more in line with the needs and spending patterns of modern shoppers.
Customers pay in four instalments, and in most cases, the first instalment is completed at the time of purchase. The remaining three instalments are due every two weeks, and customers get a reminder when their next payment is due.
There’s a clear generational shift in payment preferences. A staggering 63% of Millennials don’t own a single credit card. That’s why at Clearpay, we’re turning the credit industry on its head by putting our trust in the customers and giving shoppers the freedom to buy what they want today and pay over time.
Rather, it’s a budgeting tool that allows customers to spread out the cost of their purchase across a series of more digestible payments. It gives customers the flexibility to spend their own money while ensuring they’re never spending more than the actual price of the item they’re buying. Because customers are only charged if they miss a payment, they are incentivised to stay organised and accountable.
In 2016, debuted on the Australian public market, and today is a top 20 ASX company, based on market valuation.
In 2017, it merged with Touchcorp to elevate its customer offerings and service levels.
In 2018, the company launched in the U.S. market.
In 2019, the company launched in the U.K. market, with the Clearpay name.
In 2019, was awarded ‘Retail Technology Game Changer of the Year’ at the World Retail Congress and Best Fintech Innovator of the Year at the Australian Banking & Innovation Awards.
In 2020, reached 5 million active customers in the U.S., and, in June
2020, hit 1 million active customers in the U.K. market. Launched in Canada.
Launched in Europe in March 2021.
Clearpay offers customers a responsible way to budget their spending, and they can do so without having to worry about hidden feeds, interest or credit checks.
Afterpay’s global mission is to empower a more responsible economy in which everyone wins. To keep us focused on this mission, here are our guiding principles:
It’s not pay in four, or BNPL, it’s Afterpay. We are the verb and our own category. Our new visual identity enhances alignment with our global customer base and differentiation.
Expand globally to deepen retailer partnerships. Increase focus on SMB acceptance in newer markets. Utilize brand and innovation to drive customer acceptance and retention.
Drive greater ecosystem value to customers and merchants. Elevate customer-led differentiation via platform enhancements. Leverage merchant insights, tools and value-added outcomes.
Maintain focus in every aspect of our performance. Accelerate investment in the global addressable market opportunity.