Square to buy Australia’s Afterpay for AUD39bn

Square said 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 deal is expected to close in the first quarter of next year.

Square plans to integrate Afterpay into its existing Seller and Cash App business units.

Alyssa Henry, Lead of Square’s Seller business, said: "Buy now, pay later has been a powerful growth tool for sellers globally. We are thrilled to not only add this product to our Seller ecosystem, but to do it with a trusted and innovative team."

Afterpay serves more than 16m consumers and nearly 100,000 merchants globally, including major retailers across key verticals such as fashion, homewares, beauty, sporting goods and more.