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US payments giant Square announced their plans to buy Australian company Afterpay, for a sum of $39 billion. The new acquisition will allow the company access to millions of Australian customers and make them one of Australia's most valuable companies by market capitalization.
Photo Insert: Square, which is run by Twitter co-founder Jack Dorsey (on the right), announced that they have entered into an agreement with Afterpay to acquire all shares in the company.
Afterpay offers an app where you can pay for your purchases after receiving them, which is more convenient than waiting until the end of every month when bills are due and often results in better financial management among its customers.
Square shares jumped today after they entered into an agreement with Afterpay to acquire all of their stock.
Square, which is run by Twitter co-founder Jack Dorsey, announced that they have entered into an agreement with Afterpay to acquire all shares in the company. In addition to their other services including payment processing and cash advances on debit cards for small businesses who don’t qualify for loans from traditional banks are offered many more opportunities as a result of this acquisition.
Square’s $US39 billion takeover of Afterpay makes it the biggest buyout deal in Australian corporate history to date.
Afterpay was founded four years ago and now operates in six different countries around the world including Australia, New Zealand, United States of America (USA), Canada, UK, France. Italy, and Spain.
The number of customers on the platform rose to 16.2 million, up from 9.9 million in June 2020.
Square disclosed that it will be integrating Afterpay into its existing seller and Cash App systems, meaning that even the smallest of merchants can offer BNPL at checkout. In addition, individual users on Square's platform will now have access to managing their installments with Afterpay from within the app itself.
