Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

Jack Dorsey-run Square Will Acquire Afterpay for $29 Bn

IANS
IANS
Meet the voice behind Indo-Asian News Service (IANS), a storyteller navigating the currents of global events with precision and depth. Crafting narratives that bridge cultures, IANS brings you the pulse of the world in every word

Financial payments services firm Square, run by Twitter CEO Jack Dorsey, has announced to acquire of Australian company Afterpay for $29 billion in an all-stock deal.

Afterpay, the pioneering global ‘buy now, pay later (BNPL) platform, will accelerate Square’s strategic priorities for its Seller and Cash App ecosystems.

Square plans to integrate Afterpay into its existing Seller and Cash App business units, enabling even the smallest of merchants to offer BNPL at checkout.

The integration will also give Afterpay consumers the ability to manage their installment payments directly in Cash App and give Cash App customers the ability to discover merchants and BNPL offers directly within the app; the two companies said in a joint statement late on Sunday.

“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,” said Dorsey, Co-Founder and CEO of Square.

“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.”

The closing of the transaction is expected in the first quarter of the calendar year 2022.

“By combining with Square, we will further accelerate our growth in the US and globally, offer access to a new category of in-person merchants, and provide a broader platform of new and valuable capabilities and services to our merchants and consumers,” said Anthony Eisen and Nick Molnar, Afterpay co-founders and co-CEOs.

Afterpay’s co-founders and co-CEOs will join Square upon completion of the transaction.

Afterpay 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.

The Latest

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Recommended