The head of Twitter, Jack Dorsey, also has an important company, Square, in the area of online payments, and it now wants to take over a company in the field of financial services and online commerce, worth $ 29 billion.
Square has officially announced that it has entered into an agreement to take over the Australian company Afterpay, the transaction will amount to 39 billion Australian dollars (about 29 billion US dollars) in shares.
The acquisition is to be completed in the first quarter of 2022, if it receives all the necessary approvals.
Founded in 2009, Square offers a full range of financial services, from digital payments to business financing, for merchants who use its services. The company is listed on the New York Stock Exchange and has a market value of about 112 billion US dollars.
On the other hand, Afterpay is a company that offers services such as “buy now, pay later” (BNPL) – “buy now, pay later”. Through its financial services platform, consumers can buy various products from online or physical stores and can pay for them later, in equal installments, without interest.
In Europe, the best known startup BNPL is the Swedish company Klarna, valued at $ 45.6 billion. Neither Klarna nor Afterpay operate in Romania.
Afterpay was founded in 2015 in Australia by Nick Molnar and Anthony Eisen, two young Australian entrepreneurs. The company also operates in the United Kingdom, USA, Canada and New Zealand. Listed on the Sydney ASX Exchange, Afterpay has a market value of about US $ 25 billion.
“Square and Afterpay have a common goal. We have built our business to make the financial system fairer, more accessible and more inclusive, and Afterpay has built a reliable brand in line with these principles. Together we can better connect our Cash App and Seller ecosystems to provide even more compelling products and services for retailers and consumers. ”- said Jack Dorsey, co-founder and CEO of Square.
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