Afterpay
Buy Now Pay Later checkout for merchants: Pay-in-4, zero interest, via the Block and Cash App ecosystem.
Overview
Afterpay is a global Pay-in-4 BNPL provider, founded in 2014 in Sydney by Nick Molnar and Anthony Eisen. Block (NYSE: SQ) completed an all-stock acquisition of Afterpay on January 31, 2022 (announced value $29B; accounting consideration ~$13.9B at close due to Block share price decline). In the US, Afterpay rebranded to Cash App Afterpay in March 2025, and a June 2026 general-availability launch extended BNPL to all Visa-accepting merchants via the Cash App Card. Afterpay's flagship product is interest-free Pay-in-4 over six weeks, with longer-term Pay Monthly for larger purchases. The platform serves 24M+ consumers and 348,000+ merchants, processing US$27.3B GMV (2023). Embedded merchants integrate via Shopify, WooCommerce, BigCommerce, Salesforce Commerce Cloud, Adobe Commerce, Wix, and Square — 20+ platforms in total. Notable customers include Sephora, Nike, Lululemon, IKEA, and Target. In the US, Afterpay loans are originated by First Electronic Bank (Utah industrial bank, Member FDIC). In Australia, Afterpay operates under its own AFSL license. Merchants bear no lending license obligations; Afterpay handles all KYC, underwriting, servicing, and collections. Pricing is opaque with a merchant discount rate typically in the 4–6% range. As a Block subsidiary, Afterpay's funding stage is public.
Key features
- Interest-free Pay-in-4 over six weeks
- Pay Monthly for larger purchases
- Cash App Card BNPL anywhere Visa is accepted
- 20+ ecommerce platform integrations
- Real-time approval at checkout
- Cross-border via Block ecosystem
Vertical focus
E-commerce, Retail, Fashion, Beauty, Electronics, Home goods
Notable customers
SephoraNikeLululemonIKEATarget