Digital Payment Platform Square To Buy Afterpay For $29 Bn

Digital payment platform Square to buy Afterpay for $29 bn

Washington, Aug 2 (UrduPoint / Pakistan Point News - 2nd Aug, 2021 ) :US digital payment platform Square, founded by Twitter boss Jack Dorsey, announced Sunday it will acquire Australia's Afterpay Limited for $29 billion.

"The acquisition aims to enable the companies to better deliver compelling financial products and services that expand access to more consumers and drive incremental revenue for merchants of all sizes," the two groups said in a joint statement.

The acquisition of Afterpay, which specializes in financing purchases on credit, will be paid for entirely in stock and is expected to close in the first quarter of 2022.