Afterpay reveals quick-off-the-mark UK strategy
Buy-now, pay-later provider Afterpay Touch will use an existing brand name and technology to launch in Britain, with executive director David Hancock saying it is the quickest way to market.
Last August, Afterpay announced a $110 million equity raising to buy UK payments company ClearPay and enter the UK market.
“We’ll be using the same logo and we’re using the same tech. One of the reasons why we’ve done that is that there’s a number of issues you need to deal with and the quickest way for us to get into the market is actually use the ClearPay name,” Mr Hancock told a Macquarie investment conference on Tuesday.
He said the UK market dynamic differed slightly from that in the US because it had competitors such as Klarna.
However, an advantage to being in the UK was it would allow Afterpay to acquire more specialised talent, including security analysts. “We’re building a strong security hub and the advantage about actually being in the UK is that you can get different talent. Because you’re close to eastern Europe, there’s a whole lot of security analysts and a number of other things that are essential over there,” he said.
Afterpay UK’s development centre will be based in Manchester and its sales team in London.
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