Tencent Holdings purchases 5% stake in Afterpay

Chinese social media and gaming group, Tencent Holdings has acquired a 5% stake in Australian buy-now-pay-later firm, Afterpay.



"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"
James Mitchell, Chief Strategy Officer of Tencent

Tencent strategically bought into Afterplay because of the popularity of buy-now-pay-later service providers gaining popularity with millennials and Afterpay’s growing consumer base in the US.

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