• Afterpay has just shy of 10 million active users as it announces its full year results.
• The buy now pay later platform also nearly doubled its revenue to $519 million.
• It comes as it eyes aggressive expansion, making acquisitions in both Europe and Asia.
• Visit Business Insider Australia’s homepage for more stories.

Afterpay has shown no signs of slowing down in its full-year results on Thursday.

The Australian company, now valued more highly than Coles, announced it had doubled the number of active customers to 9.9 million. Its revenue meanwhile followed suit, rising 97% on the previous year to hit $519 million.

The explosive growth has been helped along by major acquisitions. This week, Afterpay announced it had bought Europe’s Pagantis, expanding its reach into Spain, Italy and France.

It has also bought up Singapore-based EmpatKali and is looking to use Tencent’s stake in it to grow its footprint in Asia.

Meanwhile, its net transaction margin – the money it makes after costs – was higher than expected at $250 million.

That’s not to say that Afterpay is making a profit – far from it. The company has never minted a profit during its six-year rise.

This year however it managed to only lose $22.9 million, compared to its $44 million dollar loss the year before.

Meanwhile, it remains concerned over efforts to regulate the sector. It said it’s “still considering” the AUSTRAC report into its operations, with a separate ASIC review expected to land next month.

Perhaps most striking however was Afterpay’s efforts to talk up the financial position of its customers as it enters a period of “wide-ranging social and economic uncertainty”.

In the breakdown below, Afterpay trumpets the fact that the majority of its users fall into the middle-to-high income households in the US.

However, it’s only half the story. On closer examination, it’s pretty clear that the only bracket Afterpay truly punches above its weight is on before-tax incomes of $40,000 to $60,000.

In fact, if you were to focus on the bottom three incomes, it’s clear that Afterpay actually disproportionately represents middle-to-low-incomes.

While there are fewer Americans making those incomes overall, they’re more likely to be Afterpay users, with 51% using the buy now pay later service, over 47% in the general population. It doesn’t negate the percentage of higher-income users but it does show presentation is everything.

Regardless, its share price could test new highs on Thursday on the back of the stronger than expected results.

More to come.

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