Posted by Jason Cartwright
August 2, 2021
Australian financial service Afterpay allows customers to buy now and pay later (over 6 weeks with zero interest) and has become common place with many of the top retail outlets accepting the service. Afterpay serves more than 16 million consumers and nearly 100,000 merchants globally with operations in Australia, UK, Canada, the US and NZ.
In an all-stock deal, Square Inc will acquire Afterpay for a staggering A$39 billion, based on the closing price of Square common stock on July 30, 2021. It is expected the deal will close in Q1 of 2022.
“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.”
Jack Dorsey, Co-Founder and CEO of Square.
Square plans to integrate Afterpay into its existing Seller and Cash App business units, enab