Jack dorsey Square to buy Afterpay fintech business for $ 29bn

Yesterday, Square announced it had signed a settlement with Fintech company Afterpay. Under the deal, Square will acquire all Afterpay stock for about $ 29 billion, after the closing price of Square’s stock on July 30, 2021.

The acquisition is the 1st of 2022. it will be completed in the quarter. The deal comes in place of growing demand for Buy Now, pay Later (BNP) services offered by Afterpay.

“Together, we can better connect our CashApp ecosystems and suppliers to deliver products and services that are more attractive to merchants and consumers,” said Jack Dorsey, Square’s co-founder and CEO.

In October, Square also offered a fixed exchange rate of 0.375 ordinary shares of Square Class A for each Afterpay stock owned by Afterpay shareholders at the reporting date. Afterpay may also receive 1% of the total payment amount at Fiat.

Square’s global expansion mission
Afterpay’s integration into Square’s Bitcoin Cash app will expand Square’s global consumer base. The merger aims to use the BNP system to attract younger users who feel it is less risky than credit loans. Square’s decision to invest in Afterpay is based on fintech’s ability to deliver offers and drive gradual growth for sellers and increase customer engagement of its cash applications.

“By working with Square, we will further accelerate our growth in the U.S. and worldwide by providing access to a new category of individual traders and by providing a broader platform of new and valuable opportunities and services for our traders and consumers. “Anthony Aizen and Nick Molnar, co-founders and co-directors of Afterpay.

Afterpay customers access BTC
Square will use this merger for global expansion; Afterpay users will have access to square’s financial instruments, meaning the option to buy bitcoin through the system is to buy now by paying later. Afterpay’s existing consumer base of 16 million people will also be

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