Square wants to add the Australian company Afterpay to its subsidiary by paying $ 29 billion in shares. This company is a service provider that allows you to make your purchases on the spot and pay for it later.
Square and Afterpay in a joint statement Announced They have agreed to join Squarepur on July 30, 2021, in a $ 29 billion deal based on Square’s closing share price. The deal is expected to help both companies provide financial services and products to increase consumer access and business revenue. The deal is expected to be finalized in the first quarter of 2022.
“Square and Afterpath have a common goal,” said Square CEO Jack Dorsey. We have built our business in such a way that a financial system is fair, accessible and inclusive, and has created a trusted brand that adheres to these principles. “Together, we can better connect the Cash app and Seller ecosystems to create better products and services for businesses and consumers, and give power back to these two groups.”
Services such as aftermarket services, which allow you to pay later, have recently become more popular on the web. Square is not the only payment industry player to offer such services. We told you earlier in a report that Apple is working on a similar system known within the company as Apple Pay Later.
Afterpi currently serves more than 16 million customers and works with 100,000 merchants worldwide. When the deal between the two companies is completed, Square invites one of the aftermarket executives to join Square.