Chinese technology giant, Tencent Holdings has become a substantial shareholder in payments fintech Afterpay to help collaborate in technology, geographic expansion, and future payment options.
Afterpay said the lodgement of its substantial holding was confirmed to the Australian Securities Exchange on 1 May, 2020.
Afterpay co-founders Anthony Eisen and Nick Molnar, said: “Tencent’s investment provides us with the opportunities to learn from one of the world’s most successful digital platform businesses.
“To be able to tap into Tencent’s vast experience and network is valuable, as is the potential to collaborate in areas such as technology, geographic expansion, and future payment options on the Afterpay platform.”
Also commenting, Tencent chief strategy officer, James Mitchell, said outside China it actively invested in pioneering fintech companies and Afterpay had attractive business model characteristics.
“…its service aligns so well with consumer trends we see developing globally in terms of Afterpay’s customer centric, interest free approach as well as its integrated retail presence and ability to add significant value for its merchant base,” he said.
“We look forward to a deep and long-term business partnership between Tencent and Afterpay.”