Baker McKenzie acted for Afterpay Touch Group on its AUD$20 million placement of shares and convertible notes to strategic investor - Matrix Partners. The funds will be used partly to scope market entry for the Afterpay product in the United States.
Afterpay is a fintech company with a 'buy now, pay later' product that offers simple instalment plans for online shoppers, allowing a purchase to be paid for in four equal fortnightly instalments, interest-free. Baker McKenzie acted on the Afterpay IPO and listing on the ASX in 2016 raising $25 million in capital. More recently, the firm assisted Afterpay on its merger with Touchcorp in 2017 to form Afterpay Touch Group, currently valued by the market at over $1.6 billion.
Baker McKenzie lead partner on the transaction, Guy Sanderson stated: "We were delighted to act for our long standing client, Afterpay, having assisted the company since mid 2015 when we first helped raise pre-IPO capital.
The company has continued its stellar performance in continuing to outperform the market and investor expectations."
Guy was assisted by a Baker McKenzie team comprising: Tharani Dharmaraj and Lana Tian.
Matrix Partners is a US-based investment firm focusing on technology venture capital investments.