In May of the same year, Afterpay

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Processed 15% of all fashion retail transactions online. The Touchcorp merger will be completed in June 2017. In November of the same year, Street Tals announced that the Australian Securities and Investments Commission (ASIC) was planning a comprehensive probe into the consumer finance industry, including BNPL companies like Afterpay. Reliable sources opined that the regulator wanted to establish how these companies generated money, their credit approval procedures, and their customer disclosure level.


2018-2021: Matrix purchased $18.75 million Afterpay shares at $6.51 each, hr directors email lists with Dana Stalder, one of its general partners, joining the Afterpay board. Matrix would later assist Afterpay in expanding to the U.S. for 10% of the company’s U.S. subsidiary’s future growth exceeding $50 million. In April 2018, Ownership Matters, a governance entity, released a report showing how minors could utilize the payments to purchase up to $300 worth of alcohol, sighting an account registered under Mickey Mouse that purchased $250 worth of wine.


These reports forced Afterpay to revise its processes. In May 2018, Molnar and Eisen sold $13.3 million worth of shares before joining the S&P/ASX 200 Index in June of the same year. In November 2018, Afterpay got a significant boost after Kim Kardashian endorsed the company on her social media platforms. In February 2019, Afterpay ducked a requirement to execute costly credit evaluation before signing customers following the Senate committee’s decision that BNPL companies weren’t credit providers.