Afterpay has gone into a trading halt

Thomas Lohnes/Getty Images

Fintech Afterpay has gone into a trading halt as it reportedly prepares an announcement about a capital raising and a tilt at the UK market.

The buy-now-pay-later payments company is reported to be raising up to $110 million in equity.

Street Talk in the Australian Financial review says the funds will be used to buy the customers of UK payments company ClearPay.

The company said today: “The trading halt is requested pending an announcement by Afterpay in relation to a proposed corporate transaction and capital raising.”

Afterpay shares have been on a tear. They last traded at $18.55 and the year low was $2.94.

The Australian technology-driven payments company launched in 2015 now estimates it processes more than 10% of all physical online retailing in Australia.

Afterpay was last month named named FinTech Organisation of the Year for a second year in a row and its CEO and founder, Nick Molnar, the Emerging FinTech Leader of the Year.

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