Digital Payment Platform Square owned by Jack Dorsey, co-founder of Twitter has announced it will acquire Afterpay, Australia’s biggest fintech buy now pay later (BNPL) firm for a massive $29 billion.
The deal is set to become Australia’s biggest ever buy out which will turn Afterpay into a global payments giant.
Afterpay’s rise to popularity
Afterpay was founded in 2014 by Australian tech entrepreneurs Nick Molnar and Anthony Eisen. It operates in Australia, the UK, United States and New Zeeland. In June 2017, it merged with Touchcorp to form Afterpay Touch Group. In 2019 the company was renamed Afterpay.
The company’s popularity rose with the decline of credit card use in Australia. This was coupled with the growth of online shopping during the COVID- 19 pandemic. Afterpay ...