Afterpay share price on watch after hitting 5 million active US customers

The Afterpay Ltd (ASX:APT) share price will be on watch today after it revealed that it now has 5 million active customers in the United States…

The Afterpay Ltd (ASX: APT) share price will be on watch this morning after the release of a business update.

What did Afterpay announce?

This morning the payments company announced that there are now more than five million active customers in the United States using its buy now pay later service.

Furthermore, in total there are nearly nine million U.S. consumers who have joined the platform since its launch two years ago. This includes more than one million new customers using the platform during the COVID- 19 period of the last ten weeks.

According to the release, this represents a 30-40% increase in the weekly run rate from January and February.

In addition to this, the company revealed that more than 15,000 brands and retailers are offering, or in the process of offering Afterpay to their customers.

New merchants include A.L.C., AE/Aerie, American Eagle, Birkenstock, Furla, Herschel, Lancer Skincare, Marc Jacobs Beauty, Perricone MD, Soko Glam and The Hut Group, Tilly's, and YSL Beauty.

This led to the Afterpay app having more than 15 million app and site visits during April, with Afterpay's U.S. Shop Directory contributing nearly 10 million lead referrals to its retail partners.

Nick Molnar, co-founder and U.S. CEO of Afterpay, commented: "At a time in which ecommerce has become the primary way people are shopping, there is a growing interest and demand among consumers to pay for things they want and need over time using their own money – instead of turning to expensive loans with interest, fees or revolving debt."

 "We feel so grateful to partner with the merchant community to support their shoppers and help them attract more customers, as commerce and retail starts to rebound over the next several months," he added.

No update was provided on the ANZ or UK businesses.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on ASX Share Market News

Two work colleagues looking at a laptop and discussing something.
ASX Share Market News

5 things to watch on the ASX 200 on Tuesday

It looks set to be a positive session for Aussie investors.

Read more »

Mining vehicle at a mine site.
Broker Notes

2 ASX mining companies tipped to jump 52% and 87%

These two companies are primed for growth, brokers say.

Read more »

A doctor appears shocked as he looks through binoculars on a blue background.
Broker Notes

This ASX health technology company could more than double in value: Broker

A major new recruit was a coup for this company.

Read more »

Two brokers analysing stocks.
Broker Notes

Buy, hold, sell: Megaport, Northern Star, Woolworths shares

Experts explain their ratings on these three ASX 200 stocks.

Read more »

A smiling woman sips coffee at a cafe ready to learn about ASX investing concepts.
Broker Notes

Buy, hold, sell: Myer, Develop Global, Netwealth shares

Let's check out some new stock tips from the experts.

Read more »

A man sitting at a computer is blown away by what he's seeing on the screen, hair and tie whooshing back as he screams argh in panic.
ASX Share Market News

These are the 10 most shorted ASX shares

Short sellers have their eyes on these shares.

Read more »

Shot of a young businesswoman using her phone at work, with stock market related images in the background.
ASX Share Market News

5 things to watch on the ASX 200 on Monday

Will the market start the week positively? Here's what to watch.

Read more »

Two colleagues looking at a graph and comparing share prices.
ASX Share Market News

PLS vs BHP: Which ASX 200 mining stock looks better today?

Comparing PLS vs BHP shares on valuation, dividends, and performance—see which ASX 200 mining stock I think comes out on…

Read more »