Australian buy now, pay later outfit AfterPay is expanding into the European market through the acquisition of Pagantis and PMT Technology from NBQ Corporate.
Already available in the UK under the ClearPay brand, the buy out of Pagantis and PMT Technology will give AfterPay a head start on entry to e-commerce markets across Spain, France, and Italy.
The acquisition comes three months after Chinese tech giant Tencent spent A$390 million to buy a five percent stake in the Australian fintech.
Under the latest deal, NBQ will receive a minimum €50m, with €5m in cash payable at completion of the acquisition and a deferred consideration of a minimum of €45m, payable three years after completion of the agreement.
Deferred consideration can exceed €45m, provided the equity value of Pagantis exceeds €45m after three years.
Anthony Eisen, co-founder and CEO of Afterpay, comments "Acquiring Pagantis provides us with the necessary regulatory licensing, resourcing and infrastructure to expedite the launch of Afterpay into key countries in Southern Europe and beyond."
He says Afterpay will offer Pagantis' BNPL products under its European brand, Clearpay. Pagantis' existing credit products will be discontinued.