Jack Dorsey's payment company announced a $29 billion, all-stock deal to buy Australia's Afterpay as the installment loan competition heats up.
's payments company announced the $29 billion, all-stock deal on Sunday evening. The price tag marks a roughly 30% premium to Afterpay's last closing price.
"Square and Afterpay have a shared purpose," said Square's CEO Dorsey in a statement. "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."Square pointed to consumers eschewing traditional credit, especially younger buyers.
Afterpay lets customers pay in four interest-free installments and pay a fee if they miss an automated payment. Its 16 million customers will eventually be able to manage installment payments directly through Cash App. The deal is expected to close in the first quarter of 2022. So-called installment loans have been around for decades, and were historically used for big-ticket purchases such as furniture. Online payment players and fintechs have been
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