Ex-neighbours and now co-CEOs Nick Molnar and Anthony Eisen started buy now, pay later company Afterpay in 2014, based on the idea that Millennials prefer cashless and credit-free lifestyles. On Monday, the co-founders announced an acquisition with US digital payments company Square to the tune of US$29b – and they will also join Square once the deal is completed in the first quarter of 2022. Square is similar to Afterpay in that it aggregates merchant services and mobile payments into a single, easy-to-use service. "It also provides our shareholders with the opportunity to be a part of future growth of an innovative company aligned with our vision." Afterpay assured shareholders that they did not need to take any action at this stage.

Source: New Zealand Herald August 01, 2021 23:21 UTC