Jack Dorsey, CEO of Twitter and co-founder & CEO of Square, attends the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida. (Photo by MARCO BELLO/AFP via Getty Images)
The payment firm Square, owned by Twitter founder Jack Dorsey, has bought fintech company Afterpay. On Monday, Square announced it agreed to a $29 billion takeover.
Afterpay has been a pioneer of the “buy now, pay later” model of shopping, which allowed for consumers to receive products while paying in small and interest free installments. Square executives said this takeover would allow their service to expand into new markets globally.
One executive went on to explain, “we see that that growing global presence allows for easier entry into new markets and helps us potentially expand in markets where we already exist, but have a smaller presence as well as potentially those new markets.”
Today, we announced our plans to acquire @afterpay_au to advance our shared mission of economic empowerment. Together, we’re aiming to build financial products that are inclusive for all.
Press release: https://t.co/QRwgNPPAv3
Legal notices: https://t.co/hADBjogLyb pic.twitter.com/AUqky9mGKM— Square (@Square) August 1, 2021
Afterpay co-founder Nick Molner said the deal would allow the service to spread faster among the millennial population, where the “buy now, pay later” model has been highly successful in recent years. This has been the largest corporate takeover of an Australian company in history.
Source: One America News Network
