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Posted: 2019-01-18 05:39:41

Booming payments business Afterpay Touch has seen sales on its platform more than double in the latest half to $2.2 billion, as it stepped up its expansion both domestically and into the massive United States market.

Shares in the buy now, pay later platform surged by 14 per cent on Friday, after an upbeat trading update that revealed a record month in December, while saying moves to limit late fees were also starting to have an impact.

Afterpay co-founder Nicholas Molnar, who will appear before a Senate inquiry with co-founder Anthony Eisen next week.

Afterpay co-founder Nicholas Molnar, who will appear before a Senate inquiry with co-founder Anthony Eisen next week.Credit:James Brickwood

After it last year launched in the US, Afterpay said its underlying sales in the latest half were up 140 per cent, to $2.2 billion, and it was signing up roughly 7500 new customers a day in the most recent quarter.

The US business had processed $260 million in underlying sales in the first half, and based on this performance the US business was on track to process more than $500 million in underlying sales a year.

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