Square Inc. said it reached a deal with Afterpay Ltd. to acquire the buy now, pay later company in an all-stock deal valued at $29 billion.
Square said in a statement today that 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.
Square said the deal is expected to accelerate the company’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, 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.
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