Afterpay Strikes Westfield Deal
Australian juggernaut Afterpay has struck a deal with mall landlord Unibail-Rodamco-Westfield in the UK, bringing its buy now pay later option to stores in Westfield’s two massive London shopping centres.
Afterpay (known as Clearpay in Europe) have a similar deal with Westfield in the US, but have no yet announced a tie-in with the Australian Westfield.
“We are fully committed to the U.K market and looking to grow the team,” co-founder Anthony Eisen told Bloomberg.
Clearpay has 2.5 million active customers in the UK, but has run into issues regarding the BNPL industry, which is not yet regulated.
“The discussions in the U.K. are very similar to the conversations in Australia a few years earlier. Now 15-20 per cent of all Australians use it,” Eisen said, pointing out the different between the sector and credit cards.
“We recognise millennials and Gen Z don’t want to sit in a world of revolving debt,” he said.