Afterpay Limited Welcomes Tencent Holding Limited As A Substantial Shareholder

Afterpay Limited, a leading Australian financial technology company operating in the US, has announced on Friday May 1, 2020 that the company has welcomed Tencent Holdings Limited as a substantial shareholder of the company.

According to the details released by the PR Newswire News Agency, the news was confirmed and published in the notice of the initial substantial holder on ASX on May 1, 2020.

Tencent Holdings Limited is a credible company listed on the Hong Kong Stock Exchange. The basic portfolio of the company is to provide internet-based value-added services, including the online advertising, Fintech and Cloud Services and digital entertainment to its users. The company uses the leading communication platform for its services as WeChat, QQ and Weixin. The company’s Weixin Pay Service is one of the leading payment platforms in China, consisting of over 1 billion transactions per day.

Co-founders of Afterpay, Nick Molnar and Anthony said, “We feel very privileged to welcome Tencent as a substantial shareholder in our business. Being able to attract a strategic investor of this calibre is extremely rewarding and is a testament to our team and the strength of our differentiated business model.”

“Tencent’s investment provides us with the opportunity 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. “We remain focused on delivering value for our new and existing shareholders over the long term,” Co-founders of Afterpay Nick and Anthony further added.

Chief Strategy Officer of Tencent, James Mitchell said, “We are pleased to become investors in Afterpay. Inside China we operate the leading digital payment service and a rapidly growing FinTech platform, and outside China we have actively invested in pioneering FinTech companies, providing us with unique insights into emerging FinTech services.”

Afterpay’s approach stands out to us not just for its attractive business model characteristics, but also because 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. We look forward to a deep and long-term business partnership between Tencent and Afterpay,” James Mitchell further added.

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