Gap Inc. And Afterpay Announce New Partnership In Time For Holiday Shopping

Companies make flexible spending available online at Old Navy, Gap, Banana Republic and Athleta

San Francisco, CA /PRNewswire/ - Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, announced today that it has partnered with Gap Inc. to bring flexible spending to Old Navy, Gap, Banana Republic, and Athleta shoppers just in time for the holidays. Now, consumers who shop these brands online will have the option to choose Afterpay at checkout to pay in four interest-free installments.

The addition of Gap Inc. is part of a successful first quarter for Afterpay, during which the company's active customers grew to 6.5 million in the U.S. market, averaging 15,000 new customers per day. The partnership is a response to customers actively requesting that Gap Inc. brands be added to the Afterpay's Shop Directory, a request that's being met with enthusiasm by both the Afterpay and Gap Inc. teams.

As a global retailer with a portfolio of lifestyle brands, Gap Inc. is the largest company to offer Afterpay's buy now, pay later offering. Gap Inc.'s world-class ecommerce platform also enables customers to shop across Old Navy, Gap, Banana Republic, Athleta, as well as Gap Factory and Banana Republic Factory, and check out, all in a single transaction. The addition of Afterpay is part of Gap Inc.'s strategy to offer customers more freedom and flexibility when shopping online.

"Collaborating with Afterpay gives our customers the power of choice when shopping across our family of brands," said John Strain, Chief Digital and Technology Officer at Gap Inc. "By adding Afterpay to our other payment options, we're able to provide a more customized shopping experience, give our customers additional convenience and control, and reach a younger demographic who may not have been able to shop with us before."

"We are proud to partner with Gap Inc. to bring Afterpay to such a powerful set of brands and their customers," said Melissa Davis, Afterpay's Head of North America. "This partnership stems from our shared desire to enhance the digital shopping experience for the very valuable Millennial and Gen Z consumer who prefer to spend their own money and pay over time with Afterpay."

Old Navy, Gap, Banana Republic, and Athleta join Afterpay's growing merchant base in the U.S., which is now up to nearly 14k active merchants.

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest, fees or extended debt. As at September 30, 2020 Afterpay is offered by nearly 63,000 of the world's favourite retailers, and is used by more than 11 million active customers globally.

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins.

About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City brands. Fiscal year 2019 net sales were $16.4 billion. Gap Inc. products are available for purchase worldwide through company-operated stores, franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.