Business
Has CBA found its Afterpay-killer?
About time, CommBank!
I mean, it’s only been a couple of years – during which time Afterpay Ltd (ASX: APT)’s market cap has ballooned from $3 billion to $30 billion, as its trailing 12 months sales grew sixfold.
And now, belatedly, Australia’s largest bank seems to be fighting back.
Oh, the Commonwealth Bank of Australia (ASX: CBA) had made an investment in another buy now, pay later (BNPL) company, Klarna, so it wasn’t sitting completely still… but it wasn’t exactly taking the disruptor head-on.
Until now.
Finally, though, CBA has done what it should have done 12 or 18 months ago.
Cliches are cliches for a reason – they tend to be true – and CommBank has finally bowed to the truism ‘if you can’t beat ‘em, join ‘em’, and has announced…
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