Square has reached a deal with Afterpay and will acquire $23 billion in the company’s stock.
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The news was confirmed by co-founder and CEO of Square, Jack Dorsey, who said in a statement that both companies have similar goals to make the financial system for customers more inclusive and accessible. “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,” he explained.
Afterpay + Square! https://t.co/4UVDOtyI8a
— jack (@jack) August 1, 2021
The deal was created to help speed up the company’s plans to elevate Cash App and Seller plus planning to integrate Afterpay into the two subsidiaries’ business models.
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Afterpay co-founders Anthony Eisen and Nick Molnar said in a state that the new partnership will help expand their growth in the United States and other countries.
“We will further accelerate our growth in the U.S. and globally, offer access to a new category of in-person merchants, and provide a broader platform of new and valuable capabilities and services to our merchants and consumers.”
The deal is expected to close during the first quarter of 2022 as reported by Yahoo! News.