Afterpay has always sought to help its largely young, tech-savvy customer base make the most of their finances. With the launch of its long-awaited Money by Afterpay app, it appears that Afterpay is now moving to usher its users into the adult financial world.
With its stated mission to “empower this audience to build their money confidence,” Money by Afterpay offers a broad array of digital-first consumer finance services to help users set goals, track spending, and manage their money. Since Generation Z is already accustomed to engaging in these tasks through apps rather than traditional financial institutions, the company reasons, Money by Afterpay presents an excellent opportunity to meet its customers’ needs in a digital-first capacity.
The launch of Money by Afterpay represents the latest in a long series of major expansions by the financial services firm. From its already considerable buy now pay later (BNPL) offerings to more substantial digital mortgage and loan services, Afterpay evidently intends to offer everything short of traditional banking to its customer base.
In the words of the company’s Executive Vice President for New Platforms Lee Hatton, Money by Afterpay is “only the beginning.” With parent company Square making its own inroads into BNPL, retail investing, and cryptocurrency opportunities, there is some speculation that Afterpay may move in the same direction in the Australian market.