Powered by MOMENTUM MEDIA
Powered by momentum media
Powered by momentum media
nestegg logo

Borrow

Block announces first integration with Afterpay

  • February 01 2022
  • Share

Borrow

Block announces first integration with Afterpay

By Maja Garaca Djurdjevic
February 01 2022

Block’s acquisition of Australia’s buy now, pay later platform has been completed.

Block announces first integration with Afterpay

Block’s acquisition of Australia’s buy now, pay later platform has been completed.

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.”

Advertisement
Advertisement

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.

Block announces first integration with Afterpay

“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.

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on X for the latest updates
Rate the article

About the author

author image

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

author image
Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

more on this topic

More articles