How Afterpay went from zero to $39 billion thanks to loyal millennials, powerful lobbyists and the COVID-19 pandemic
ABCFor most global businesses, the COVID-19 pandemic has been nothing short of a train wreck. The $39 billion takeover of buy now, pay later darling Afterpay by US payments giant Square may have seemed unfathomable more than a year ago, when the company's share price tanked at around $8.90. "It turned out, COVID-19 meant e-commerce was about to get a jab in the arm," write Australian Financial Review journalists Jonathan Shapiro and James Eyers in their book released this week about the incredible Australian success story of Afterpay's co-founders Anthony Eisen and Nick Molnar. "By integrating Afterpay directly into our cash app and seller ecosystems, we can expand each brand's customer base, strengthen each other's products and build connections." And in Australia, they are minus 3.3 per cent for the last quarter," he says, adding that that is why the timing of Afterpay's founders to sell is "exquisite".
History of this topic
Twitter's Dorsey leads $29 bln buyout of lending pioneer Afterpay
The Hindu
Jack Dorsey’s Square snaps up Australia’s Afterpay for $29bn
Al Jazeera
Australian shares jump on tech rally, as Nasdaq climbs to record high
ABC
Australian shares jump to 11-week high as travel stocks rebound from coronavirus
ABC
Afterpay's compliance with anti-money laundering laws under AUSTRAC scrutiny
ABC
Afterpay shares plunge on 'buy now, pay later' crackdown fears ahead of Senate inquiry
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