Buy-now-pay-later provider, Afterpay, has reported a 97% year-on-year revenue increase to $519.2 million, with net loss shrinking to $22.9 million.
It follows a net loss of $43.8 million the previous year, and comes as Afterpay continues to accelerate its global expansion in the face of COVID19.
Active customers more than doubled during the year to 9.9 million – on average adding 17,300 new customers daily – with active merchants climbing 72% over the year to 55,400.
The company asserts it has benefited from a shift towards e-commerce and heightened online shopping prompt by home-bound consumers during the coronavirus pandemic.
“While remaining cautious in our ongoing response, it is clear that Afterpay’s predominantly e-commerce and budgeting focused service has been a net beneficiary of the significant shift to online spending and the shift away from traditional forms of credit,” states Afterpay.
Concerning future outlook, the company adds online sales across Australia and New Zealand accelerated into July and August.
Afterpay has revealed around 90% of underlying monthly sales derive from repeat customers.
The news comes after shares in Afterpay pushed past the $90 barrier this week, more than ten times their low in March.
Last week, Afterpay announced a $800 million capital raising to fund future growth, also updating its upgraded guidance to a net transactional margin of 2.25%.
The company is on track to expand to several new Asian countries and Canada.
