Citi funds Afterpay's US push
'Buy now pay later' company Afterpay Touch has signed a US$300 million receivables funding facility with Citigroup, which will be used to support the company's expansion into the United States market.The company said the new facility would complement its existing A$500 million Australian receivables funding facility and NZ$20 million facility. Australian and New Zealand funders are NAB, Citi and ASB.The new facility will operate as a warehouse, broadly consistent with the Australian facility. The term is 24 months.The company processed A$2.2 billion of underlying sales in the December half. The US business accounted for A$260 million of the total.Afterpay launched its business in the US last year. It says more than 1400 US retailers have used its service and a total of 2200 have signed agreements to use its platform.