Square, the payments firm of Twitter co-founder Jack Dorsey, will purchase 'buy now, pay later' pioneer Afterpay for $29 billion, creating a global transactions giant in the biggest buyout of an Australian firm
"Few other suitors are as well-suited as Square," said Wilsons Advisory and Stockbroking analysts in a research note.
The Australian Competition and Consumer Commission, which would need to approve the transaction, said it had only just been notified of the plan and "we will consider it carefully once we see the details".Created in 2014, Afterpay has been the bellwether of the niche no-credit-checks online payments sector that burst into the mainstream last year as more people, especially youngsters, chose to pay in instalments for everyday items during the pandemic.
That means BNPL providers are not required to run background checks on new accounts, unlike credit card companies, and normally request just an applicant's name, address and birth date. Critics say that makes the system an easier fraud target. Talks between the two companies began more than a year ago and Square was confident there was no rival offer, said a person with direct knowledge of the deal.
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