Afterpay’s eyes shift to the lucrative mortgage market
Afterpay has signaled that it has long-term ambitions to distribute mortgages as it also seeks to offer Australian consumers a broader range of financial products as a result of its planned $ 39 billion merger with Square.
In a move to diversify its income, Afterpay is preparing to target younger customers with a bank account backed by Westpacsa through a new application that will be launched in October, which initially offers savings accounts and transactions.
In its full-year results Wednesday, the buy-now-pay-later (BNPL) operator gave the clearest indication yet that it is also considering the lucrative mortgage market, although it would not be making loans itself.
The banking app will not initially include loans, but an investor slide pack on Wednesday included illustrations of how the app can evolve over the long term. One of those illustrations included a possible screenshot of the app that read: “$ 800,000 – Your first apartment in Bondi is pre-approved.”
When an analyst asked Co-CEO Anthony Eisen about the slide and his thinking on mortgages, he responded that Afterpay had no plans to make its own traditional banking products, but said its app could act as a “conduit” for other financial operations. . products. The slide in question showed areas where Afterpay thought there were opportunities, he said.
“By knowing our customer deeply, we believe we can introduce things in the future,” Eisen said.
Analysts had previously predicted that Afterpay’s banking app, Money by Afterpay, would move toward distributing a range of products, including home loans, generating referral fees for the company.
Talking to The Sydney Morning Herald and AgeEisen said the Afterpay platform could be used to educate customers and offer them a range of financial services made by other companies. These services can range from traditional credit to investments and cryptocurrencies.
“The real bottom line is that we have deeply connected with customers in Australia and around the world at this point of trust, and we are not going to change our attitude in that regard,” Eisen said.
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