Australia’s tech darling Afterpay has revealed the US has become its primary sales market and is considering a potential stock exchange listing.
Afterpay says the US has become its primary sales market, prompting the buy now, pay later juggernaut to consider publicly listing in North America.
In a business update on Tuesday, Afterpay revealed underlying sales in the US had eclipsed the performance of its Australian and New Zealand operations.
For the third quarter of financial year 2021, sales from North America in Australian dollar terms were $2.6bn, while Australian sales stood at $2.1bn.
The surge in US sales is a 167 per cent growth in comparison with the US sales figures booked in the same quarter last year.
Total underlying sales for the period were $5.2bn.
Australian sales rose 48 per cent on the corresponding period last year.
Afterpay noted sales events such as “Afterpay Day” in March flooded the company with a swath of new customers. Its customer base now stands at approximately 14.6 million active users.
The company also flagged it is in consultation to explore a possible listing in the US.
“Afterpay is currently working with external advisers to explore options for a US listing
given the US market is now the largest contributor to our business and is expected to
continue to grow strongly,” the company said in a statement lodged to the Australian Stock Exchange.
“While Afterpay intends to remain an Australian headquartered company, our shareholder
base is increasingly becoming more globally focused.
“A US listing would further accommodate this growing interest.”
The company noted UK sales had performed strongly and it was on track to launch its European subsidiary ClearPay in Germany.
Afterpay is a publicly listed company on the ASX.