Tencent bought a 5% stake in Afterpay.

“We feel very privileged to welcome Tencent as a substantial shareholder in our business. The opportunity to attract a strategic investor of this caliber is extremely rewarding and a testament to our team and the strength of our differentiated business model,” said Afterpay co-founders Anthony Eisen and Nick Molnar. “Tencent’s investment gives us the opportunity to learn from one of the world’s most successful digital platform businesses.”

“Being able to take advantage of Tencent’s vast experience and network is valuable, as is the potential for collaboration in areas such as technology, geographic expansion and future payment options on the Afterpay platform.”

Tencent is one of the world's largest Internet companies and owns the WeChat communication platform as well as the Weixin Pay Service mobile payment platform, which facilitates 1 billion commercial transactions per day. Tencent is listed on the Hong Kong Stock Exchange.

"We are pleased to become investors in Afterpay," said James Mitchell, chief strategy officer at Tencent. "Within China, we operate the leading digital payment service and fast-growing fintech platform, and outside of China we have actively invested in pioneering fintech companies, giving us unique insight into emerging fintech services."

"Afterpay's approach stands out to us not only because of its attractive business model features, but also because its service aligns so well with the consumer trends we see developing globally in terms of Afterpay's customer-centric, interest-free approach , as well as an integrated retail presence and ability to add significant value to its merchant base."