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MemberSeptember 13, 2021 at 9:31 am
Square, the digital payments platform co-founded by Twitter CEO Jack Dorsey, has agreed to take over Afterpay, the Australian “Buy now, pay later” firm, for $29 billion.
Founded in 2014 by Australians Nick Molnar and Anthony Eisen, Afterpay has more than 16 million customers and is used by 100 million businesses around the world. The company is currently a leader in a growing sector of the online payments market that allows consumers to pay for their purchases in installments.
The agreement means that Afterpay will be able to expand more quickly in the US, where the company’s sales nearly tripled over the last year to $8.15 billion.
“Square and Afterpay have a shared purpose,” said Dorsey, co-founder and CEO of Square. “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.”