Indeed, the Afterpay case is considered one of the most important success stories of this model. It was founded in 2014 by Nick Molnar and Anthony Eisen, who have become newly minted billionaires in their country, Australia, where the use of BNPL apps has managed to displace even credit cards. “The ability of the client to obtain a solution to their problems, such as medical care, instantly and without budget hassles is key. Our method is not designed only to buy a clothing press, but to help people in all facets of their lives “, is the way in which Molnar defines the activity of his company and therefore the model itself” buy now , pay later ”, to which its users attribute characteristics such as transparency or convenience prime minister email address bangladesh.
Now Afterpay has just become the Australian company that has moved the most capital in a transaction after being acquired for 24,380 million euros by Square, the digital payments company of Jack Dorsey, Founder and CEO of Twitter. As a result of this agreement, Afterpay shareholders will receive 0.375 Square shares for each title they own, which translates into 18.5% of total ownership. It is precisely the stock market area in which the evolution and success of this formula is best understood. Thus, at the beginning of 2020, the shares of the firm were trading at 10 Australian dollars, while currently they do so above 130.
For its part, Square acquires with this operation a portfolio of 16 million users that does not stop increasing in markets such as the United States. They will be added to the 70 million that Dorsey’s company already has, which has described its new acquisition as “a powerful growth tool.” Another of the beneficiaries of this operation will be the Chinese technology Tencent, which in 2020 bought 5% of Afterpay, a percentage for which it will now enter 1.7 billion dollars. As reported by Square in a statement, the transaction will be completed during the first quarter of 2022.
“Both companies have a shared purpose, since our business is based on making the financial system more fair, accessible and inclusive,” said Jack Dorsey, who holds the position of CEO of Square, for whom this operation will allow the digital payments firm “to improve the Cash App ecosystems -your mobile payment service- and offer even more attractive products or services, both for consumers and sellers, putting the power in their hands.” For her part, Alyssa Hendy, Square’s Business Director, said that the purchase of Afterpay confirms the value of BNPL services as a “growth tool for sellers around the world”socialposts.