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Clearpay reaches one million active customers, saw growth during lockdown period

Business

Clearpay reaches one million active customers, saw growth during lockdown period

By FashionUnited

26 Jun 2020

Payments innovator Clearpay has announced that, after completing its first year on the market, its purchasing service is now being used by over one million active UK shoppers.

The Afterpay Limited Group-owned company additionally reported that customer purchasing frequency in the UK is outpacing that of the US when it was at the same stage of lifecycle: UK customers are transacting more than 8 times within Clearpay’s first year compared to US consumers, which transacted 6 times during its first year.

Well-known for its ‘buy now, pay later’ service, Clearpay offers shoppers the opportunity to pay for purchases in four, interest-free instalments over a short period of time. To date, there are more than 1,100 brands and retailers who offer this service to their customers, including, amongst others, Asos, JD Sports, Urban Outfitters and Boohoo.

The Covid-19 lockdown period allowed Clearpay to see a strong customer adoption rate, with more than 3 million app and website visits in May 2020 in addition to the company’s Shop Directory contributing over 1.5 million lead referrals to its retail partners. These results represent a 40 to 50 percent increase in the weekly run rate compared to January and February of this year.

“The world and the industry are changing at a rapid pace, and during this challenging time consumers are looking for ways to pay using their own money - instead of turning to expensive loans with interest, fees or revolving debt,” said Nick Molnar, co-founder of Clearpay, in a statement.