This takes its market capitalisation above $16 billion, making it nearly as big as Aristocrat Leisure. Afterpay is price for growth and is not expected to deliver any profit until 2021-22.
The information technology sector is up 2 per cent in a flat market, and follows the record high on the NASDAQ overnight.
In February and March, Afterpay stocks plunged 80 per cent to $8.01. But since then, the stock price has jumped more than sevenfold, helped higher by positive trading updates. WeChat owner Tencent Holdings has also become a significant shareholder.
More than 1,100 brands and retailers are offering, or in the process of offering Clearpay to their customers, Afterpay said. Recently launched brands include Elemis, Bare Minerals, ISAWITFIRST, Apricot, Size, as well as Koibird and Sana Jardin.
They join the existing portfolio of brands which include ASOS, M&S, JD Sports, Urban Outfitters, Boohoo, and Look Fantastic, amongst others.
In May 2020, Clearpay had more than 3 million app and site visits, and Clearpay’s Shop Directory contributed over 1.5 million lead referrals to its retail partners, and Clearpay’s Shop Directory contributed over 1.5 million lead referrals to its retail partners. This represents a 40-50 per cent increase in the weekly run rate from January and February.