The American financial services Square plans to acquire all of the issued shares in Australia’s Afterpay for $29 billion.
The company Square plans to integrate Afterpay into its existing Seller and Cash App business units, enable even the smallest of merchants to offer BNPL at checkout, give Afterpay consumers the ability to manage their instalment payments directly in Cash App, and give Cash App customers the ability to discover merchants and BNPL offers directly within the app.
The Co-Founder and Chief Executive Officer of Square, Jack Dorsey said:
“Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles,”“Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.”
About Afterpay
The Australian financial technology Afterpay is an industry leader with a best-in-class product and strong cultural alignment with Square. The company serves more than 16 million consumers and nearly 100,000 merchants globally, including major retailers across key verticals such as fashion, homewares, beauty, sporting goods and more. It operates in Australia, the United Kingdom, Canada, the United States, and New Zealand.
About Square
It is a digital payments company based in U.S.A, it builds tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in person, manage their business, and access financing. It has its branches in Canada, Australia, Japan, the United States, Norway, the UK, Ireland, and Spain.
