Twitter co-founder Jack Dorsey’s digital payments platform Block (previously Square) has completed its acquisition of Buy Now, Pay Later (BNPL) firm Afterpay.
The deal, worth $29bn, was first announced in August 2021. Dorsey said at the time, “Square [Block] and Afterpay have a shared purpose. 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.”
This transaction, according to Block, aims to enable it to better deliver compelling financial products and services that expand access to more consumers and help drive incremental revenue for sellers of all sizes.
The acquisition furthers Block’s strategic priorities for its existing Square and Cash App ecosystems. Together, Square and Afterpay intend to enable sellers of all sizes to offer BNPL services at checkout, give Afterpay consumers the ability to manage their instalment payments directly in Cash App, and give Cash App customers the ability to discover sellers and BNPL offers directly within the app.
Square also launched its first integration with Afterpay, providing Afterpay’s BNPL functionality to sellers in the United States and Australia that use Square Online for e-commerce. This new omnichannel commerce tool can help sellers attract new shoppers and drive incremental revenue from day one, Block said.
Jack Dorsey, Block co-founder and CEO, said, “We’re excited to welcome the Afterpay team to Block and are eager to get to work… Together, we’ll deliver even better products and services for sellers and consumers while staying true to our shared purpose of making the financial system more fair and accessible to everyone.”
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