#Twitter CEO Jack Dorsey's #Square, owned by #Australian company fintech #afterpay of $ 29 billion to buy stock in a deal and the transaction will be completed in the first quarter of 2022 was announced.
Logo Source: https://www.afterpay.com/en-AU/retailer-resources
✅To Compete With Giants Like PayPal
Jack Dorsey's cryptocurrency- friendly digital payments firm Square is expanding its competition with global payments giants like PayPal by acquiring a significant Australian loan company.
Square reported on Sunday that it has entered into a contract to buy all of the issued shares of the firm's fintech company Afterpay in a $29 billion deal.
The acquisition enables Square to further accelerate its strategic plans for payments ecosystems, as the company seeks to enable its “buy now, pay later” (BNPL) service by integrating Afterpay into its Merchant and Cash App business units.
BNPL transactions, also called installment loans, allow customers to pay bills in small batches over a period of time and are actively pioneered by global financial firms such as PayPal, Mastercard, Klarna, Citi and others.
✅Afterpay Team to Join Square
According to the announcement, the mixing will enable small businesses to supply BNPL at checkout, allowing Afterpay consumers to manage their installment payments directly within the Cash App and find out BNPL offers directly within the app. The integration marks a replacement milestone for Square in meeting growing consumer demand to maneuver faraway from traditional credit.
Dorsey, co-founder and CEO of Square, said the acquisition will help companies fulfill their shared mission to form the economic system more accessible, fair and inclusive.
As a neighborhood of the transaction, Afterpay's co-founders and senior executives will join Square and help manage Afterpay's related investor and consumer businesses within Square's Merchant and Cash App ecosystems.
The news came as Square announced its notable second-quarter earnings and reported 200% growth in Bitcoin (BTC) revenue. Square's Bitcoin services posted a gross profit of $55 million, up 223% year-on-year, while Cash App posted a gross profit of $546 million, up 94%.