Square makes ‘game-changing’ play for Afterpay in big bet on buy-now pay-later wave

Square Inc. plans to acquire buy-now pay-later operator Afterpay Ltd. in what one analyst sees as a “game-changing” $29 billion deal that will help Square participate in a fintech wave that has transformed the payments experience in Afterpay’s native Australia and started to gain traction in the U.S.

“In essence, Afterpay addresses almost all major challenges Square faces in its ambitions to become a dominant payments ecosystem,” Bernstein analyst Harshita Rawat wrote in a note to clients titled: “A game-changing deal.” RBC Capital Markets analyst Daniel Perlin commented that Afterpay’s global base of over 100,000 merchants “should accelerate Square’s growth with larger sellers and expend into new geographies, while further enhancing merchant acquisition.” Afterpay gets most of its volume from enterprise merchants.

Part of Afterpay’s promise extends into merchant discovery, as its app helps facilitate “lead generation for merchants and consumer engagement,” according to Square’s investment presentation. The company plans to integrate that component into the Cash App.

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