We see funding rounds and series these days and they have almost become normal. What we don’t see every day is the multibillion-dollar acquisition of brands. Thus, a news piece like Square buying AfterPay for a massive $29 billion would not have flown under the radar.
For those who do not know AfterPay, the Australian start-up does just what its name implies. Allowing customers to buy things on credit that they can pay for at a later date, its services has expanded so much that it has caught the attention of giants like Square.
Jack Dorsey, the founder of Twitter who is also the CEO of Square, believe that the two companies have a shared goal towards making financial services like this one accessible for all. With the recent growth in the buy now pay later scene, it is sure that this deal will bring fruits in the coming months to years.
The current younger generation are not fans of having credit cards that piles up debts for them at the end of a month, especially with the percentages that the have to pay in interest. Thus, it is easier for them to switch to a model that allows them to buy things now and spread out the payment instalmentally over a time period.
With AfterPay boasting more than 16 million customers served across 10,000 global merchants, Jack surely has the grit and experience to grow the brand to even newer heights.