Financial tech company Square, founded by Twitter CEO Jack Dorsey, will buy Australian company Afterpay in a $29 billion all-stock deal.
Afterpay offers a “buy now, pay later” credit option that allows users to purchase a product immediately and then pay for it later in four equal payments, an option that became increasingly popular during the pandemic. The sale will see Square adopt that option while Afterpay will gain a bigger foothold in the U.S. market.
Shareholders for Afterpay will hold an 18.5% share in the new company and will get 0.375 shares of Square class A stock for every share they own.
Jack Dorsey’s Square Buys Australian Financial Tech Firm Afterpay for $29 Billion
Afterpay’s “buy now, pay later” model became popular among users during the pandemic
