Twitter founder and CEO Jack Dorsey´s payment platform firm Square is buying Australian Afterpay that offers buyers to pay by instalments, for USD 29 billion, meaning that Square will widen its payment platform to include instalments.
“Square and Afterpay have a shared purpose. 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,” Square co-founder and chief executive Jack Dorsey said in a statement.
Afterpay was founded in 2014 by Australians Nick Molnar and Anthony Eisen. It has 16 million customers and is used by 100 million businesses around the world.