Jack Dorsey (head of Twitter, Cash App and Square) is leading his way to the acquisition of Afterpay, an Australian lending company.
Jack Dorsey, a Twitter co-founder, Square Head and BTC supporter, will acquire Afterpay, a lending pioneer company, for a shocking $29 billion, Reuters reports.
Afterpay was the first to offer a global Buy Now Pay Later (BNPL) platform. This allows customers to receive products immediately and then pay for their purchases with little interest over a certain period of time. Afterpay has more than 16 million customers and is currently available in over 100,000 retail outlets as of June 30.
On August 1, Square announced that it had entered into a Scheme Implementation Agreement with Afterpay, under which Square was authorized to buy all Afterpay shares. The deal has an implied value approximately $ 29 billion.
Jack Dorsey said in the statement:
“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, Together we can better connect our … ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.”
The Afterpay founders said about the deal “an important recognition of the Australian technology sector as homegrown innovation continues to be shared more broadly throughout the world”.