Chinese Tech Giant Tencent Invests in Australian Fintech Afterpay

May 2020 | Fintech


On May 01, 2020,  Australian buy now, pay later (BNPL) firm Afterpay announced that Tencent had invested A$390 million (nearly $250 million USD) to acquire a 5% stake in the company. Afterpay is present in four key markets: US, UK, Australia, and New Zealand. This investment offers Tencent a chance to leverage Afterpay’s innovative payment solutions with its existing payment products such as WeChat Pay, both of which accept payments via QR codes.

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