Jack Dorsey’s financial payments company Square just bought Australia’s Afterpay Ltd, buy now, pay later (BNPL) company Afterpay Ltd for $29 million, the biggest buyout of an Australian firm to date.
<h2><strong>Square Buys Afterpay for $29 Million</strong></h2>
Square, the payments processing company by Twitter co-founder Jack Dorsey has <a href="https://squareup.com/us/en/press/square-announces-plans-to-acquire-afterpay" target="_blank" rel="nofollow noopener">purchased</a> a provider of installment payment services Afterpay Ltd for $29 billion, resulting in the acquisition of only Square's largest ever, but also the largest acquisition of an Australian company to date.

The transaction is expected to be paid in all-stock by way of a recommended court-approved Scheme of Arrangement and expected to be closed in the first of 2022, subject to certain closing conditions.

Commenting on the acquisition, <a href="https://www.cryptoknowmics.com/news/elon-musk-asks-jack-dorsey-whether-twitter-will-accept-payments-in-bitcoin-from-advertisers/">Jack Dorsey</a> said:

<i>“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. Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands."</i>

Square is planning to integrate Afterpay into its existing Seller and Cash App business units, enabling merchants to offer BNPL at checkout. This offers Afterpay consumers the ability to manage their installment payments directly in Cash App while providing the customers of Cash App customers to discover merchants and BNPL offers directly within the app.
<h2><strong>Anthony Pomp Bullish on Square</strong></h2>
Responding to the announcement, <a href="https://www.cryptoknowmics.com/news/bitcoin-revenue-of-square-tripled-in-quarter-2-to-expand-cash-app-users/">Bitcoin</a> proponent Anthony Pompliano said on his <a href="https://www.youtube.com/watch?v=xsBKNtgZSXk" target="_blank" rel="nofollow noopener">YouTube show</a> that Square’s value could increase to $1 trillion following the firm’s acquisition of Afterpay due to the combined potential of both firms, saying:

<i>“If the integration goes well and if the combination of these two businesses works out the way that Square and Afterpay believe it will, it will create a very, very interesting business for Square to continue to expand globally and into other demographics.”</i>

Pointing out that Afterpay’s valuation was back then $100,000 he emphasized that opening up Afterpay’s BNPL services to millions of Square merchants could see Square’s value skyrocket.

Jack Dorsey’s Square Buys BNPL firm Afterpay for $29 Million

Square just bought Australia’s Afterpay Ltd BNPL company Afterpay Ltd for $29 million, the biggest buyout of an Australian firm to date.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Jack Dorsey’s Square Buys BNPL firm Afterpay for $29 Million

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