Square, a digital payments firm with crypto capabilities, is set to acquire Afterpay, an Australian fintech lending company.
The firm, which was co-founded by Jack Dorsey, has made an announcement detailing the $29 billion stock deal that will allow the acquirement to take place. It involves a scheme implementation deed which will enable Square to secure Afterpay's shares in Q1 of 2022.
Square hopes to integrate Afterpay into its Seller and Cash App business units, with a view to providing a BNPL service. Small businesses will have the option of adding a BNPL feature to their checkout, whilst users will be able to make their BNPL payments through the Cash App.
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