BNPL market leader Afterpay (ASX:APT) posted a loss of $79.2 million in the second half of 2020, despite doubling revenue and sales, as well as its net transaction margin.
Some analysts were expecting (perhaps hoping?) for a maiden half year profit, but the $79.2m loss after tax came from a net loss on potential liabilities of $64.8 million associated with the valuation of its ClearPay UK venture.
The Melbourne-based global fintech’s shares are in a trading half after it also announced a $1.25 billion capital raise via a convertible notes issuance. It plans to increase its stake in Afterpay US from 80% to 93%.
The acquisition will cost $373 million, taking a 35% slice from the holding of US advisor Matrix, valued the subsidiary at $10.6 billion.
The half-yearly results to December 31, 2020 reveal Afterpay now generates a majority of its transactions offshore.
