Afterpay is Australia's FinTech Organisation of the Year for the second year in a row

Business Insider is the proud exclusive media partner for the 2018 Finnies, the annual Fintech Australia awards recognising leadership and innovation in the nation’s financial technology sector. Jobs for NSW is the presenting partner of the Finnies. Read more on the awards. »
Chief Product Officer Kareem Al-Bassam accepting the Finnies award for Afterpay. Image: supplied.

Afterpay, the “buy now, pay later” startup, has risen to the top of the annual Finnies, the fintech industry awards, for a second year.

The company was named FinTech Organisation of the Year for a second year in a row on Wednesday and its CEO and founder, Nick Molnar, the Emerging FinTech Leader of the Year.

Molnar, who was in the US and couldn’t be in Sydney to accept the award in person, was humbled by the accolades.

“I’m delighted,” he said.

“I’m particularly grateful for the support of our retail partners and customers & to Afterpay employees globally who’ve made this possible.

“Our customers are our first priority and we remain committed to providing the best possible service we can, including encouraging responsible spending.

“Innovation underpins everything we do at Afterpay. It shapes our thinking and contributes to our growth — our recent launch into the US is testimony to that.

“We’re really proud of our achievements to date and that we’re considered a successful Australian tech story.”

Afterpay and payments system firm Touchcorp earlier last year announced a merger to form a new public company, a complementary pairing of Touchcorp’s payment technology products and Afterpay’s retail network.

Today, Afterpay Touch’s shares are trading at $8.85, up almost 5%, giving a market capitalisation of $1.9 billion.

In its latest quarterly update, Afterpay announced it had $1.45 billion of total underlying sales processed through its platform in first three quarters of 2018 compared with $290 million for the same nine months in 2017.

Last month the company announced its move into the US market and last week it became an ASX200 company.

Afterpay says it has 1.8 million customers and about 14,000 retail merchants using its service, which is essentially a way to get a loan without having to apply for one.

The winners of the 2018 Finnies, the second year of awards for the fintech sector, were announced at a gala event in Sydney on Wednesday.

The winners of the awards, established by industry group FinTech Australia, were chosen from 89 finalists picked from a record 223 entries, a 40% increase on 2017.

* Business Insider is the proud exclusive media partner for the 2018 Finnies, the annual Fintech Australia awards recognising leadership and innovation in the nation’s financial technology sector. We will be bringing you all the best stories from Finnie entrants and Australia’s fintech industry in the lead-up to the gala awards ceremony on June 13. Jobs for NSW is the presenting partner of the Finnies. Find out more here.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.