Australia's Afterpay expands in the U.S. with J.Crew, Ulta Beauty deal
Australian payment company Afterpay is teaming up with Ulta Beauty and J.Crew to offer its "buy now, pay later" payment plan to customers who shop at the U.S. retailers.
Set to launch between fall 2019 and early 2020, the two companies will join some 6,500 U.S. retailers that currently use the payment service.
"We are thrilled to partner with Ulta Beauty and J.Crew, to enable them to offer buy now pay later services to their customers. 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," said Nick Molnar, Afterpay's co-founder and US CEO.
The "buy now, pay later" payment plan gives shoppers the option to receive products immediately and pay for them in four installments, without taking out a traditional loan or paying upfront fees or interest.
The service is free when payments are made on time and aims to help consumers spend money for discrete purchases responsibly, without any major repayment obligations.
In July alone, Afterpay achieved a sales volume run rate of over US$1.2 billion from over two million active U.S. customers.
The company has also partnered with fashion brands such as Revolve and Rebecca Minkoff.
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