Tencent completed the acquisition of a 5% stake in Afterpay for $252m.

Chinese multinational conglomerate holding company Tencent completed the acquisition of a 5% stake in Afterpay, an Australian financial technology company, for $252m. "We are pleased to become investors in Afterpay. Inside China we operate the leading digital payment service and a rapidly growing FinTech platform, and outside China we have actively invested in pioneering FinTech companies, providing us with unique insights into emerging FinTech services. Afterpay's approach stands out to us not just for its attractive business model characteristics, but also because its service aligns so well with consumer trends we see developing globally in terms of Afterpay's customer centric, interest free approach as well as its integrated retail presence and ability to add significant value for its merchant base. We look forward to a deep and long-term business partnership between Tencent and Afterpay," James Mitchell, Tencent Chief Strategy Officer.