This report provides a comprehensive analysis of Afterpay's business model, focusing on its operations within the Australian financial industry. The report utilizes the Business Model Canvas to deconstruct Afterpay's key components, including customer segments, key partners, value propositions, key activities, channels, revenue streams, cost structures, key resources, and customer relationships. It explores the interrelationships between these building blocks, identifies critical success factors, and discusses potential downside risks. Furthermore, the report offers recommendations for improving Afterpay's business model, particularly focusing on enhancing customer relationships and operational efficiency. The analysis covers various aspects of Afterpay's business, including its payment services, customer base, and market position, providing valuable insights into its strategies and future prospects. Appendices include a business model canvas, revenue tables, and income statements. This report is a valuable resource for students studying business models and the financial services sector.