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Afterpay to go live on eBay Australia in 2020

Afterpay TouchAustralian financial technology company Afterpay Touch Group has entered into an agreement with eBay Australia to offer its services on the online marketplace. The agreement will enable eBay Australia to give 40,000 Australian small and midsize businesses the ability to access the Afterpay service for their eBay customers.  The service is expected to go live in 2020.

“The partnership represents Afterpay Australia’s largest online arrangement to date, which allows both companies to align on a mutual approach of adding value to merchants by helping them access new and repeat customers,” the company said in a trading update on Tuesday.

In addition, the fintech firm reported global underlying sales of $2.7 billion in the 4-months to 31 October 2019, up 110 per cent compared to the same period last year. At the end of October, the fintech had 6.1 million active customers globally.

In the domestic market, in-store continues to be the key growth driver for the company, representing 23 per cent of total underlying sales in FY20 year to date. Afterpay in-store is currently available at almost 29,000 shopfronts, up from 23,600 at the end of June 2019, the company said, adding that it has over 3 million active customers in ANZ and over 33,000 merchants, as at 31 October 2019.

“Strategic agreement with Mastercard in Australia and New Zealand will support our mid-term growth,” the company added. It also recently entered into a partnership with Bupa Dental and is in the process of onboarding brands such as Marks & Spencer, David Jones, and Myer.

Additionally, Afterpay has entered into a subscription agreement with US-based technology investor, Coatue for a private placement worth A$200 million. Proceeds from the placement will be used for platform expansion opportunities, Afterpay said.

Further, Afterpay has appointed Gary Briggs as a Non-Executive Director. He will assume the role from January 1, 2020.

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