Twitter's Dorsey leads $29 bln buyout of lending pioneer Afterpay
3 years, 4 months ago

Twitter's Dorsey leads $29 bln buyout of lending pioneer Afterpay

The Hindu  

Square Inc, the payments firm of Twitter Inc co-founder Jack Dorsey, will purchase buy now, pay later pioneer Afterpay Ltd for $29 billion, creating a global transactions giant in the biggest buyout of an Australian firm. "Acquiring Afterpay is a 'proof of concept' moment for buy now, pay later, at once validating the industry and creating a formidable new competitor for Affirm Holdings Inc, PayPal Holdings Inc and Klarna Inc," Truist Securities analysts said. The Afterpay founders said the deal marked "an important recognition of the Australian technology sector as homegrown innovation continues to be shared more broadly throughout the world". Afterpay also competes with unlisted Sweden-based Klarna Inc as well as new offerings from U.S. veteran online payments provider PayPal Holdings Inc. "Few other suitors are as well-suited as Square," said Wilsons Advisory and Stockbroking analysts in a research note.

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History of this topic

Buy now pay later and its financial inclusion scope
3 years, 3 months ago

Buy now pay later and its financial inclusion scope

Live Mint  

US fintech giant Square recently announced an all-stock acquisition of ‘buy now pay later’ leader Afterpay. Launched in 2015 by Afterpay in Australia, BNPL is a way for users to pay later for their e-commerce buys with limited credit checks and a slick payment experience. PayPal is a notable incumbent which launched a pay later product Pay in 4, while …

How Afterpay went from zero to $39 billion thanks to loyal millennials, powerful lobbyists and the COVID-19 pandemic
3 years, 4 months ago

How Afterpay went from zero to $39 billion thanks to loyal millennials, powerful lobbyists and the COVID-19 pandemic

ABC  

For 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 …

Jack Dorsey’s Square snaps up Australia’s Afterpay for $29bn
3 years, 4 months ago

Jack Dorsey’s Square snaps up Australia’s Afterpay for $29bn

Al Jazeera  

Australia’s biggest deal highlights the popularity of the buy now, pay later model which has upended traditional credit. Square, the payments firm of Twitter co-founder Jack Dorsey, will purchase buy now, pay later pioneer Afterpay for $29bn, creating a global-transactions giant in the biggest buyout of an Australian firm. “We expect Square will invest heavily to integrate Afterpay and accelerate …

Why did Twitter owner’s payments firm buy Bitcoin worth $50 million?
4 years, 2 months ago

Why did Twitter owner’s payments firm buy Bitcoin worth $50 million?

The Hindu  

Last week, Jack Dorsey's payments company Square invested $50 million in Bitcoin. Square’s Chief Financial Officer Amrita Ahuja expects Bitcoin to have "the potential to be a more ubiquitous currency in the future." In 2019, the company formed Square Crypto, an independent team focused on contributing to Bitcoin open-source work. In September 2020, the Square also set up the Cryptocurrency …

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