Jack Dorsey-run fintech platform Square to acquire Afterpay for $29 billion

Financial payments services firm Square, run by Twitter CEO Jack Dorsey, has announced to acquire Australian company Afterpay for $29 billion in an all-stock deal.

Afterpay, the pioneering global ‘buy now, pay later’ (BNPL) platform, will accelerate Square’s strategic priorities for its Seller and Cash App ecosystems.

Square plans to integrate Afterpay into its existing Seller and Cash App business units, enable even the smallest of merchants to offer BNPL at checkout.

The integration will also give Afterpay consumers the ability to manage their installment payments directly in Cash App, and give Cash App customers the ability to discover merchants and BNPL offers directly within the app, the two companies said in a joint statement late on Sunday.