Twitter's Dorsey leads $29 bln buyout of lending pioneer Afterpay
The Hindu
The Afterpay founders said the deal marked "an important recognition of the Australian technology sector as homegrown innovation continues to be shared more broadly throughout the world".
Square Inc, the payments firm of Twitter Inc co-founder Jack Dorsey, will purchase buy now, pay later (BNPL) pioneer Afterpay Ltd for $29 billion, creating a global transactions giant in the biggest buyout of an Australian firm. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) The takeover underscores the popularity of a business model that has upended consumer credit by charging merchants a fee to offer small point-of-sale loans which their shoppers repay in interest-free instalments, by passing credit checks.
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