Afterpay announces new partnerships with J.Crew and Ulta
Robyn Turk | Tuesday, August 27 2019
Afterpay continues to expand. The alternative payment solutions provider now represents more than 10 percent of the American fashion and beauty industries online, with over 6,500 U.S. retail partners.
The technology-driven payments company has announced two new partnerships with Ulta Beauty and J.Crew. Afterpay's service will roll out for these new partners between fall 2019 and early 2020.
"We are thrilled to partner with Ulta Beauty and J.Crew, to enable them to offer buy now pay later services to their customers," said Afterpay's co-founder and U.S. CEO Nick Molnar. "We have seen great success in the U.S. market, supported by the best American retail partners, and we look forward to continuing this momentum with retailers and consumers alike as we head into the Fall."
Afterpay has become a leader in "Buy Now, Pay Later" services, as its technology allows its retail partners to offer payment plans to its customers. The platform enables shoppers to receive products immediately and then pay for them in four installments, without upfront fees or interest. Its service is completely free for customers who pay on time.
The news comes on the heels of much success on Afterpay's part through the month of July. Afterpay achieved a sales volume run rate of over 1.2 billion dollars from over two million active U.S. customers, according to a company statement.