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Afterpay US acquires Pagantis to expand into Europe

Tuesday 25 August 2020 12:07 CET | News

‘Buy Now, Pay Later’ payments company Afterpay has entered into an agreement with NBQ Corporate to acquire Pagantis and PMT Technology.

According to the press release, with this acquisition, Afterpay is able to expedite its expansion into Europe and capitalise on a market primed for ‘Buy Now, Pay Later’ services.  Moreover, as part of the agreement, NBQ will receive a minimum EUR 50 million, with EUR 5 million in cash payable at completion of the acquisition and a deferred consideration of a minimum of EUR 45 million, payable three years after completion of the agreement. 

On the other side, Afterpay will offer Pagantis' BNPL products under its European brand, Clearpay, as Pagantis' existing credit products will be discontinued. 

Pagantis is a European company that offers payment services for ecommerce merchants across Spain, France, and Italy. Therefore, once Clearpay receives the necessary regulatory approval it will be able to offer its products across these countries.

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Keywords: Afterpay(US), Buy Now, Pay Later, NBQ Corporate, acquisition, Pagantis, PMT Technology, Europe, Clearpay, ecommerce, merchants, Spain, France, Italy
Categories: Payments & Commerce | Online Payments
Countries: Europe
This article is part of category

Payments & Commerce