IPG’s media agency, Initiative, has been appointed to manage the national media account for BNPL (buy now pay later) company Afterpay.
After review by multiple media agencies, Afterpay handed over its national media portfolio to Initiative, with the appointment taking effect August 1.
Melissa Fein, CEO of the initiative
The account was previously held by WPP’s AKQA, but Afterpay had to find a new media agency after its merger with Ikon led to a direct dispute over its biggest client, Commonwealth Bank. Prior to this, the account was with Dentsu’s Vizeum.
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Melissa Fein, CEO of Initiative Australia, said: “Afterpay is the definition of a brand with cultural speed. The company has revolutionized fintech and the “buy now, pay later” industries. We couldn’t be more excited to partner with them as they continue to expand and accelerate their already rapid growth. »
The latest account win follows Initiative being awarded IAG’s media account, which includes brands such as NRMA Insurance and CGU.
Afterpay’s customer base in Australia has already passed the three million mark as the company continues to grow with new products and business platforms.
The platform recently released its new in-house created Pay Better brand campaign featuring Australian actress Rebel Wilson.
The campaign, which sees Wilson comparing Afterpay to “if credit cards and money had a baby”, was based on information from 2020 research by Accenture (which owns creative agency The Monkeys).
Accenture found that, compared to the same credit card payment, Afterpay users saved $110 million. Additionally, spending on buy now, pay later platforms increased 106% in 2020, with debit card spending increasing 38%, particularly among millennials and Gen Z.
Afterpay was founded in Australia in 2015. The company has since expanded to the United States, Canada, New Zealand, United Kingdom, France, Italy and Spain (where it is known as of Clearpay).
