Newest update on Afterpay's China play (via Happay)
https://technow.com.hk/business/942623/Google translation:
BNPL giant Afterpay lays out in the Chinese market, Happay receives tens of millions of dollars in financingBusiness Wednesday, November 11, 2020Shanghai, November 11, 2020/PRNewswire/ - Afterpay Industrial Fund, a technology venture capital company, has completed a US$10 million investment in China’s first BNPL (Buy Now Pay Later) platform Happay and holds a 20% stake in it . The shareholder behind the Afterpay Industrial Fund is BNPL giant Afterpay. This financing is an important part of Afterpay's strategy to deploy China's BNPL market. The current valuation of Happay has reached 50 million US dollars.Happay is China’s first zero-interest credit payment product with "1/4 down payment, 4 interest-free, and 0 handling fee". In August this year, Happay entered the Shenzhen and Hangzhou shopping malls of the MixC system. Shenzhen and Hangzhou are the most active cities for young people in China. The Vientiane system has more than 50 shopping malls in China with an annual turnover of more than 100 billion yuan. It is the most successful, well-known, and highly positioned mall in China.Happay partner mallAfter seeing Happay's online data report for more than one month, Afterpay decided to invest $10 million in Happay through its industrial fund.Mike Jefferies, Chairman of the Afterpay Industry Fund, said: "We think this is a huge opportunity. In Australia and the United States, BNPL has grown rapidly, but there are not many companies similar to Afterpay in China. So we think this is an attractive one. market."In China, if you want to do a good job of consumption staging, you must have real consumption scenarios. Happay cuts in from offline scenarios and provides consumers with interest-free installment services through retail brands.Chen Jin, the founder and CEO of Happay, has more than 20 years of experience in the commercial real estate and retail industries. The core members of the team are all high-end talents from this field. With the blessing of Afterpay, Happay has become a Chinese financial institution. The dark horse of the technology market.Happay is rapidly expanding its business and consumption scenes after obtaining financing. The current business model has swept across China's first-tier and new first-tier cities, including Shenzhen Vientiane World, Shenzhen Coastal City, Shenzhen Jinguanghua, Hangzhou Xiaoshan Vientiane, and Lanzhou, the largest shopping mall in the northwest. Center and other influential shopping centers.As of the end of October, although it has only been online for more than 2 months, Happay has cooperated with nearly a thousand stores. It has reached nationwide cooperation with leading international and domestic brands such as MO&Co, bebe, and Devialet. At the same time, Happay is involved in the industry. From shopping malls to children's education, fitness, medical beauty, dentistry, etc., some chain brands such as Meland and GYMBOREE have reached national strategic cooperation.
Happay partner brand storesAccording to the data, Happay has helped more than 80% of the cooperative brand stores to increase their unit price by 30%, and 25% of them have reached or exceeded 100%. This has brought significant sales growth and image enhancement to the brand. The dazzling results have won unanimous praise from retailers and brands.The rapid development of Happay has made many people in the industry more convinced that it can replicate Afterpay’s success in the Australian market, and that the 1.4 billion population of the Chinese market will give the BNPL model more room for imagination. Can Happay redefine the new retail era in the future? China’s consumption patterns are very exciting.
