In a major development, Australia’s Afterpay LTD. is ready to put its weight behind in purchasing Spanish firm Pagantis in an attempt to expand its operations in Europe. The company said on Monday that it wanted to take advantage of booming online shopping spiked due to the coronavirus pandemic.
Aussie’s biggest BNPL (buy-now-pay later) company inked an agreement to accomplish all the paperwork required to acquire Pagnatis from its owners NBQ Corporate SLU at 50 million euros.
The precipitation in online transactions and sales has spiked the popularity of After pay and similar other credit firms. These companies regard youngsters and people who do not possess credit cards and can’t access loans. They can sign up on their platform for shopping. The announcement led to the surge in share prices of the company by 5.1 per cent in the early session.