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Square Just Bought Afterpay, and Wall Street's Betting This Fintech Stock Could Be Next

Markets moved higher on Monday. Square made a massive acquisition in the buy-now, pay-later space. A competing stock also saw big gains. Investors often seem to start a new month on a positive note, and Monday saw sustained gains for major market benchmarks. Market participants seem to be comfortable that the economy will be able to find ways to overcome any challenges from rising COVID-19 case counts. As of 11:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 121 points to 35,057. The S&P 500 (SNPINDEX: ^GSPC) gained 18 points to 4,414, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 93 points to 14,765.
STOCKS

Dorsey-led $29 bln deal delivers prompt payday for Afterpay founders

SYDNEY, Aug 2 (Reuters) - A tweet by Kim Kardashian promoting Afterpay (APT.AX) as a way to buy her beauty products may have proved pivotal for the Australian buy now, pay later pioneer, whose founders have since joined the reality TV superstar as billionaires. Kardashian's recommendation in 2018 helped Afterpay,...
BUSINESS
TechCrunch

The next generation of global payments: Afterpay + Square

Afterpay and Square have the potential to build one of the world’s most important payments networks. Square has built a very significant merchant payment network, and, via Cash App, a thriving high-growth consumer payment service. However, these two lines of business have historically not been integrated. Together, Square and Afterpay will be able to weave all of these services together into a single integrated experience.
TECHNOLOGY
Forbes

At $29 Billion, Square Overpays For Afterpay

Square — the San Francisco-based payments processing company — plans to use $29 billion worth of its stock to acquire Melbourne Victoria, Australia-based Afterpay, a provider of installment payment services. This raises a question in my mind: Why is Square paying nearly 30% of its stock market capitalization for a...
BUSINESS

Afterpay Sees BNPL Pact With Westfield Shopping Centers As Brick-and-Mortar Booster

For most Americans, buy now, pay later (BNPL) is still mostly an online shopping experience. That is where they first encountered the increasingly popular payment method and because BNPL offers in physical locales are less common. But Afterpay is looking to change that as the brand struck a deal with Westfield shopping centers in the U.S., teaming up to bring malls into the 21st century with joint investment in building customer experiences at Westfield shopping centers across the U.S. Starting of course, with Afterpay’s specialty — BNPL payments are now available at in-store locations like Lush Cosmetics, Aldo, The Children's Place and The Container Store.
WESTFIELD, MA

Square Acquires Afterpay for $29 Billion in All-stock Deal

Square Inc. said it reached a deal with Afterpay Ltd. to acquire the buy now, pay later company in an all-stock deal valued at $29 billion. Square said in a statement today that the acquisition “aims to enable the companies to better deliver compelling financial products and services that expand access to more consumers and drive incremental revenue for merchants of all sizes.”
BUSINESS
kfgo.com

PayPal Australia takes on Afterpay with no-late fee ‘buy now, pay later’ offer

(Reuters) – PayPal Holdings Inc’s new “buy now, pay later” offering in Australia will not charge late payment fees, the U.S. payments giant said on Wednesday, as it attempts to edge past main industry rival Afterpay in the country. The U.S. company’s interest-free BNPL option in Australia, known as “PayPal...
WORLD
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