Afterpay Holdings
(ASX:AFY) has released a third-quarter (Q3 FY17) business update, and says underlying merchant sales rose 41% over the last quarter to $144.9 million.
Afterpay is a retail payments business which facilities buying and selling between retail merchants and their end-customers. Afterpay does this through its “buy now, receive now, pay later” service that doesn’t require end-customers to enter into a traditional loan or pay it any upfront fees or interest.
The company says underlying merchant sales in March were 20% higher than December – which is the month for Christmas shopping.
According to Afterpay, there are now more than 3,700 retailers that are live and transacting using its services (up 75% over the second quarter).
The company estimates that annualised underlying sales now exceed $700 million based on its recent monthly trading performance.
This morning, Afterpay shares are tracking 5.02% higher at $2.30.