Australian company is blowing up in USA but their advertising has no spark
Steve’s breakdown: Afterpay now has more customers In US than In Australia yet you wouldn’t know it by there advertising. Take the featured spot for example. It’s funny but does it tell the story the brand needs to get out. We say “Do Over” in
SAN FRANCISCO, CA & SYDNEY, Australia: In its half-yearly financial results, Australian FinTech firm Afterpay Limited reported more customers in the United States than in Australia. The company said it had 3.6 million active customers in the U.S. – a 443 percent rise from the same time last year. Meanwhile, it had 3.1 million active customers in Australia and New Zealand, with 0.6 million active customers in the U.K.
Afterpay CEO and Managing Director Anthony Eisen said in an announcement, “Our global expansion is accelerating, with the U.S. and U.K. growing at a considerably faster rate than what we experienced in ANZ. The U.S. now represents over 30 percent of the group’s total underlying sales and has the largest number of customers actively using the platform.”
The company also reported that it had 7,400 active merchants in the U.S., which marked a 421 percent rise from the same time last year. It also had 35,500 active merchants in Australia and New Zealand, which marked a 63 percent rise from the same time last year.
In the U.K., the company had 400 active merchants, and noted that “three of the U.K.’s largest eCommerce retailers (ASOS, Boohoo and Marks & Spencer) are already onboarded to the Afterpay platform in the first year of operation.”
The company also announced several new key hires, with the inclusion of Global Chief Marketing Officer Geoff Seeley (ex-Airbnb); Global Chief Product Officer David Katz (ex-Fanatics, Groupon); ANZ Sales Director Katrina Konstas (ex-Amex); Chief Enterprise Risk Officer Cassandra Williams (ex-CBA); U.S. Head of Finance Laura Nadler (ex-Visa) and VP Product Design Scott Polchleb (ex-WeWork).
Afterpay reported underlying sales of $4.8 billion for H1 FY20, compared to $2.3 billion in H1 FY19, with a net transaction margin of $102 million in H1 FY20 compared to $46.7 million in H1 FY19. It also had 7.3 million active customers and 43,200 active merchants in H1 FY20 compared to 3.1 million and 23,200, respectively, in H1 FY19.
The company has a goal of reaching 9.5 million active customers by the close of FY20.