Block, formerly Square, announced the launch of its first integration with Afterpay on Tuesday (1 February), providing BNPL functionality to sellers using Square Online for e-commerce in the United States and Australia, following the successful completion of the scheme of arrangement on Monday, under which Block has acquired all of the issued shares in Afterpay.
“We’re excited to welcome the Afterpay team to Block and are eager to get to work,” said Jack Dorsey, Block co-founder and chief executive said on Monday.
“Together, we’ll deliver even better products and services for sellers and consumers while staying true to our shared purpose of making the financial system more fair and accessible to everyone.”
Block’s first integration with Afterpay under a new omnichannel commerce tool is expected to help sellers attract new shoppers and drive incremental revenue from day one.
“In joining with Square, Afterpay can now more meaningfully give small and midsize sellers the tools to attract young, engaged shoppers who prefer Afterpay and help these sellers compete alongside businesses of all sizes,” said Nick Molnar, Afterpay co-founder and now Afterpay lead at Square.
“And this is just the beginning. As part of Square’s powerful ecosystem, we look forward to continuing to more deeply integrate the Afterpay platform to unlock even more value for sellers across the world in the coming weeks and months.”
Nearly 56 per cent of American consumers have used a BNPL service, and the fastest-growing consumer segments, Gen-Z and Millennials, comprise 75 per cent of BNPL users. According to Square, its sellers can now serve this growing consumer demand, including in markets like Australia, which is Square’s largest market after the US.
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