This morning the recently listed Afterpay (ASX:AFY) announced its first quarter results with all metrics (merchants, end-customers, merchant sales and, importantly, fees to AFY) up over 100% in the June quarter. Even before today's announcement, the stock had risen more than 60% since its ASX debut in early May 2016. Subtly, the company mentioned a successful in-store trial of the Afterpay product that we believe has the potential to be an industry game-changer and all but eliminate competing consumer funding options such as lay-by and Flexirent for lower priced products. Whilst the company is yet to post a profit, their interest-free 'buy now - pay later' product is experiencing substantial demand from customers and on-line stores alike and we see little reason why this wont continue to drive the share price higher.