The best mover in the 200 today is Afterpay which closed up nearly 13% on the day. The alternative payments company has soared on an impressive business update which has seen sales grow 240% since the first half of FY18.
Producing another record month in December 2018, driven in part by retail Christmas spend but also a number of new retailers coming onto the platform as well as continued customer growth.
The update also noted that $260m of sales were generated in the US, Afterpay’s biggest focus of growth in the immediate future. 650,000 new customers were added in the States over the half.
Afterpay is set to face a Senate committee next week as regulators look to catch up on the loop holes these lending companies have exploited. Evidence here will be key to the long term viability of Afterpay locally, however the company seems to be on a huge overseas growth run rate.
