Mobile payment service Square announces acquisition of 'buy now, pay later' Afterpay for about 3.2 trillion yen

Another company run by Twitter founder Jack Dorsey, mobile payment service Square , plans to acquire Afterpay, a 'buy now, pay later' service. Turned out.

Square, Inc. Announces Plans to Acquire Afterpay, Strengthening and Enabling Further Integration Between its Seller and Cash App Ecosystems
https://squareup.com/jp/ja/press/square-announces-plans-to-acquire-afterpay?country_redirection=true

Based in Australia, Afterpay is a global service with 16 million consumers and 100,000 distributors as customers. According to the announcement, the acquisition price of Afterpay is expected to be about 29 billion dollars (about 3.2 trillion yen), and it will be done by a share exchange in which Square will acquire all the issued shares of Afterpay. The acquisition is expected to close in the first quarter of 2022.

'Buy now, pay later' services like Afterpay are becoming more widespread throughout the web, similar services are offered by Affirm from San Francisco, Klarna from Sweden, and Apple. It is said that a postpaid service called 'Apple Pay Later' is under development.

'Apple Pay Later' that can change what you purchased with Apple Pay to installment payment is planned --GIGAZINE

Dorsey CEO also announced the acquisition on Twitter. In a statement, Dorsey said, 'Square and Afterpay have a common purpose. We have created a business that makes the financial system more equitable, accessible and comprehensive, and Afterpay also said. We have built a trusted brand that fits these principles. '

Afterpay + Square! Https://t.co/4UVDOtyI8a

— Jack (@jack) August 1, 2021

'Buy now, pay later' tools for distributors are growing tremendously globally, according to Square's sales leader, Alyssa Henry. Such tools in our sales ecosystem. I'm looking forward to working with a reliable and innovative team as well as being able to incorporate it. ' Square also said it plans to introduce Afterpay features to the Cash App, which uses mobile apps to send money.

In addition, Square acquired a majority stake in the music distribution service Tidal in March 2021, and announced the expansion of the service one after another, such as developing the platform 'TBD' focusing on Bitcoin.

Mobile payment service 'Square' announces Bitcoin-focused platform 'TBD' --GIGAZINE