Buy Now, Pay Later

Millennials love it. Amateur investors made millions out of it, and its founders became billionaires. But professional investors steered clear, regarding it as over-valued.

In a few short years, the Australian startup Afterpay has put a rocket under consumer finance and birthed a global industry. It pioneered the four-payments model that allows customers to bypass credit cards for online shopping and budgeting, with the cost borne by the retailer. Just five years after it was founded, Afterpay had changed the way a generation went shopping, how brands from big banks to fashion labels win customers, and how institutions value companies.

Buy Now, Pay Later recounts the dramatic behind-the-scenes story of the founding and rise of Afterpay. It reveals the network of business and personal relationships that enabled the company to finance its speedy growth and the manoeuvring that enabled it to escape regulation for years, as well as the near-death experiences and rising concern that it is getting young people hooked on debt.

Drawing on years of on-the-ground reporting and interviews with key figures involved in their rollercoaster ride, this is the Afterpay story told in full for the first time.

Jonathan Shapiro and James Eyers report on banking and finance at The Australian Financial Review.

'A gripping success story with a colourful Sydney cast, a story of innovation, courage, lucky breaks and above all family.' - Malcolm Turnbull, former Prime Minister of Australia

'Shapiro and Eyers tell the entertaining and illuminating story of how Afterpay emerged as a global, online-retailing power in a few short years.' - Gregory Zuckerman, The Wall Street Journal

'Well written and well worth reading.' - David Gonski AC, company director

'A fascinating read of the journey behind one of the biggest Australian entrepreneurial successes of our time!' - Jane Lu, CEO and founder, Showpo