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Motley Fool Australia »Share Market News» Afterpay (ASX: APT) share price up 4% in today’s trading
Daryl Mather | November 9, 2020 4:08 pm | More on: ANZ APT NAB WBC
The Afterpay Ltd (ASX: APT) stock price continues to rally today, up 444% to $ 104,96 at the time of writing this despite differing views on Buy Now and Pay It After (BNPL) flagship from two major banks during the week Last week, it comes after a 39% rise over the past week
Peter King, CEO of Westpac Banking Corp (ASX: WBC), defended the decision to grant Afterpay access to Westpac’s deposit accounts and transactions Some analysts disagreed with the move, believing the bank would lose its relationship with younger customers but Mr. King recently told Westpac AGM shareholders:
When we look at banking services and how they are provided, we think they are fundamentally changing. Other banks seek to provide the infrastructure for fintech companies and this is the market that Westpac wants to be in
Westpac banking as a service platform will allow Afterpay to provide branded savings and transactional accounts and then it will be able to link these accounts to clients’ existing Afterpay accounts This provides Afterpay customers an alternative to traditional banking, and it gives Afterpay a scalable platform to expand globally when announced Afterpay’s stock price is up 7%
Currently, National Australia Bank Ltd (ASX: NAB) leads banks in terms of warehouse financing arrangements, or debt financing for fintech companies.
However, Australia and New Zealand Banking GrpLtd (ASX: ANZ) has a different view. In an interview with Ticky Fullerton of Sky News, outgoing President David Gunsky announced his doubts about BNPL’s business Mr Shane Elliott, CEO of ANZ, went further. Of that, saying Afterpay 3, 5 million high-savings customers were generally not paying to buy their homes, and thus they were not a bank fit.
Despite these different viewpoints, Afterpay continues to display robust growth metrics in each quarterly update. The last update for FY 21 for the first quarter saw sales growth of 9% compared to record base sales for the fourth quarter of FY2020. The number of active users of the company to 112 million, with the United States reaching more than 65 million
Moreover, 45% of similar sales growth is led by Millennials, then Generation X and Generation Z make up 25% and 24%, respectively. Finally, the number of active merchants in the company increased to 638K, a 70% increase year-on-year
Afterpay’s stock price has continued to grow despite the entry of payment giants like Paypal Holdings Inc (NASDAQ: PYPL), or the opinions of major financial players, the company continues to sign strategic alliances like this one with Westpac, while continuing to report strong results on a quarterly basis. Annual
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Motley Fool shareholder Daryl Mather has no position in any of the listed shares Motley Fool Australia owns AFTERPAY T FPO stocks We may not all hold the same views, but we all believe that thinking of a variety of ideas makes us Better Investors Motley Fool has a Disclosure Policy This article contains general investment advice only (under AFSL 400691) Authorized Scott Phillips
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ASX, Afterpay, Stock, ASX: APT
World News – AU – Afterpay (ASX: APT) stock price is up 4% in today’s trading
SOURCE: https://www.w24news.com
