Square to buy Afterpay, which offers a ‘buy now, pay later’ service, for $29 billion in stock

guest · Aug 2, 2021

Square to buy Afterpay, which offers a ‘buy now, pay later’ service, for $29 billion in stock
Afterpay offers a “buy now, pay later” service
August 1, 2021
https://www.theverge.com/2021/8/1/2...on-buy-now-pay-later-service-29-billion-stock

Square plans to acquire Australian company Afterpay, which offers a “buy now, pay later” service that lets you pay for purchases in installments interest-free, for $29 billion in stock, the two companies announced Sunday. It’s the latest big move for Square, which has also announced a Bitcoin business unit and that it bought a majority stake in the Tidal streaming service this year.

“Buy now, pay later” services like those offered by Afterpay, Affirm, and Klarna have become increasingly prevalent across the web. And Square may not be the only payments giant jumping into the ring, as Apple is reportedly working on a similar service of its own that’s internally called “Apple Pay Later.”
Click to expand...

Square and Afterpay expect the transaction to close in the first quarter of 2022.
Click to expand...

guest · Aug 3, 2021

Why Jack Dorsey’s Square is buying Afterpay for $29bn
August 2, 2021
https://www.verdict.co.uk/why-jack-dorseys-square-is-buying-afterpay-for-29bn/

Square, the payment processing company run by Twitter’s Jack Dorsey, is buying buy-now-pay-later (BNPL) business Afterpay for $29bn. The companies expect to complete the transaction by the end of March 2022.

“This deal is a major coup for Square, as it brings into the fold a superstar, fast growing company,” Tosin Agbabiaka, fintech investor at Octopus Ventures, tells Verdict.
The deal will enable Square to tap into the instalments segment of the financial services industry, which is expected to be worth $166bn by 2023, according to GlobalData’s Thematic Research.
Click to expand...

Square plans to integrate Afterpay’s BNPL solutions into its own Seller and Cash App ecosystems once the deal has closed. This will enable merchants to access instalments solutions like the ones offered by Afterpay.

Through Square Banking, small businesses would be able to save and manage their business accounts, manage cash flow and connect it with a Square Debit Card.
Square buying Afterpay fits into this trend. The San Francisco-headquartered fintech will use the deal to tap into a younger customer base who skirt traditional credit cards.
Click to expand...

Rasheed187 · Aug 5, 2021

Speaking of AfterPay, I've read that at least over here in Holland, many online shopping accounts get hacked and that hackers can then order products for free with services like AfterPay, I wonder what's up with that.

Log in or Sign up

Square to buy Afterpay, which offers a ‘buy now, pay later’ service, for $29 billion in stock

guest Guest

guest Guest

Rasheed187 Registered Member

Log in or Sign up

Square to buy Afterpay, which offers a ‘buy now, pay later’ service, for $29 billion in stock

guest Guest

guest Guest

Rasheed187 Registered Member

Useful Searches