why did square acquire afterpay

Square, Inc. (NYSE: SQ) and Afterpay Limited (ASX: APT) today announced that they have entered into a Scheme Implementation Deed under which Square has agreed to acquire all of the issued shares in Afterpay by way of a recommended court-approved Scheme of Arrangement. Picks, CE100 Or for banks to consider the acquisition of BNPL players whose platforms are a complement to theirs, the credit onramp for the sub-prime or thin-file consumer who needs a three-month loan for $150 and for whom existing bank underwriting capabilities are ill-equipped to support making one. 2- Targeting high-income consumers Learn more: Buy Now, Pay Later: The Financial Self-Care Revolution Report, Through The Platform Looking Glass: Big Tech. Following the acquisition, Square says it intends to integrate Afterpay into its existing ecosystems, including Cash App and its Seller platform. *Average returns of all recommendations since inception. The Square/Afterpay acquisition. About Square, Inc. The shareholders of Afterpay will own close to a fifth of Square if the deal goes ahead. It never really built a consumer side from those email addresses and phone numbers. 3 Potential motives behind Square's Afterpay acquisition 1- Access to a huge user database From our perspective, the first reason behind this move is that Square will indirectly gain access to Afterpay's 16 million user database, enabling them to use level 3 consumer data for future offerings. The $39 billion AUD ($29 billion USD) that Twitter founder Jack Dorsey's digital payments company Square is paying to acquire Australian upstart payments outfit Afterpay is the biggest. The US payments giant Square, led by Twitter founder Jack Dorsey, will acquire Afterpay in a $39 billion deal. For pure plays and their investors, the Square/Afterpay news has sparked a war room conversation with their investors and boards about whether and when to build, buy, partner or be acquired as each builds its own connected payments and financial services ecosystem anchored by a different way for consumers to get credit and repay what they owe. Learn more about processing Afterpay payments via our Square Online FAQ, In-Person FAQ or watch our YouTube video below. Payments, Small & The deal is an all-stock transaction, with Square acquiring all the issued shares of Afterpay, pending a court-approved "Scheme of Arrangement." CNN News, delivered. The Motley Fool has a disclosure policy. The answer rests with understanding how platforms ignite and scale. Invest better with The Motley Fool. Questions requiring a reply can be sent from the contact link at the top of this page. Courtesy of CashApp - Square. Square As reported by WWD, Square Inc. revealed it has reached a deal with Afterpay Ltd. to acquire the buy now, pay later company for $29 billion in an all . To help you start using Afterpay in-person, you will be able to test out Afterpay across select Square products at a discounted rate. Assuming the deal goes through, $29 billion and 12 years later, Square will have fulfilled its ambition of becoming that two-sided network, both online and off, and not just for small merchants and it has the critical mass to grow rapidly. Consumers also like transparency of fees which doesnt mean they expect to have no fees, but that they want clarity about what they will pay for that purchase if the term of their loan goes beyond three or four payments. However, these two lines of business have historically not been. The move was seen as a huge moment in the fintech ecosystem, and a general affirmation that the BNPL market and ecosystem is thriving and here to stay. The deal is an. *Average returns of all recommendations since inception. Learn More. Square and Afterpay have a shared purpose. The deal values Afterpay at 29.29x next-12-months revenue rather than against trailing revenue or earnings, a multiple that is significantly higher than that of other fintech deals over . In light of the Square/Afterpay news, success in the BNPL space comes down to platform ignition fundamentals: whats needed to create critical mass and network effects for whom at scale in a timeframe thats relevant, and with enough cash to outbid the competition. Information about Afterpays directors and executive officers is set forth in Afterpays latest annual report dated August 27, 2020, as updated from time to time via announcements made by Afterpay on the Australian Securities Exchange. Square Co-Founder and CEO, Jack Dorsey, commented: "Square and Afterpay have a shared purpose. Well continue to update our status page with more information. Square the financial payments company known for its popular Cash App said it plans to merge Afterpay with its existing apps. Under the terms of the Scheme Implementation Deed, which has been approved by the members of the Boards of Directors of both Square and Afterpay, Afterpay shareholders will receive a fixed exchange ratio of 0.375 shares of Square Class A common stock for each Afterpay ordinary share they hold on the record date. investor.relations@Afterpay.com, Additional Information and Where to Find It. Square, Inc. Afterpay in-person acceptance is currently available with: With Square Invoices, you can enable Afterpay acceptance when sending digital invoices and estimates via your online Square Dashboard, Square POS app or Square Invoices app. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Facebooks only option at the moment is to explore a powered by Pay Later solution, since even their acquisition of Kustomer is under regulatory review. 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. Is that a great deal, or was it a mistake? Investors and security holders will be able to obtain (if and when available) free copies of the registration statement on Form S-4, the proxy statement, the prospectus, the scheme booklet, and other documents containing important information about Square and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. First-time customers complete a quick registration, returning customers simply log in. Cost basis and return based on previous market day close. Twitter founder Jack Dorsey's digital payments platform Square has agreed to fully acquire Australian buy now, pay later (BNPL) firm Afterpay in a share-swap deal that values the latter at A$39bn (US$29bn). PYMNTS data shows that although 14 percent of all U.S. consumers have used a BNPL solution over the last year, twice as many consumers with sub-prime or thin credit files have used one to buy and pay for things at online and offline merchants. Why Square Is Buying Afterpay for $29 Billion By Ryan Henderson - Aug 4, 2021 at 10:22AM Key Points The all-stock deal represents an approximately 30% premium to Afterpay's market value. Square, the digital payments company Dorsey co-founded and remains at the helm of, announced on Wednesday that it is rebranding as "Block.". The transaction has an implied value of approximately US$29 billion (A$39 billion) based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock. Afterpay shareholders will be able to elect whether to receive the scheme consideration in NYSE listed Square Class A common stock or CDIs. JavaScript is required for full functionality of this site. The company also serves as a central e-commerce hub, or a sort of digital mall, for shoppers and sellers alike. And you'll have a customer for life. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors described from time to time in Squares filings with the SEC and Afterpays filings with the ASX, including Squares Annual Report on Form 10-K for the year ended December 31, 2020 and most recent Quarterly Report on Form 10-Q and Afterpays Annual Report for the financial year ended June 30, 2020 (Appendix 4E), Half-Year Report for the half year ended December 31, 2020 (Appendix 4D), Q3 FY21 Business Update for the quarter ended March 31, 2021, and FY21 Trading Update for the financial year ended June 30, 2021, and future filings and reports by either Square or Afterpay. As part of the agreement between the two companies, Square will acquire all issued shares of Afterpay and pay a 30% premium for the transaction. And TIDAL is a global music and entertainment platform that expands Squares purpose of economic empowerment to artists. Square plans to integrate Afterpay into its existing Seller and Cash App business units, enable even the smallest of merchants to offer BNPL at checkout, give Afterpay consumers the ability to manage their installment payments directly in Cash App, and give Cash App customers the ability to discover merchants and BNPL offers directly within the app. We are fully aligned with Squares purpose and, together, we hope to continue redefining financial wellness and responsible spending for our customers, said Anthony Eisen and Nick Molnar, Afterpay Co-Founders and Co-CEOs. Merchants get paid in full immediately. Dive, Become Until then, the company continues to hammer away at its mission of serving the underbanked and easing access to financial services. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. At the same time, Big Tech would like nothing more than to create and/or accelerate the scale of their own payments, commerce and financial services ecosystem, using BNPL as a key credit cornerstone. The Afterpay tie-up will enable Square to offer BNPL services to its millions of merchants, who processed payments worth $38.8bn in its most recent quarter, while also tapping into Afterpay's . The Australian fintech company is a lot more than just a checkout solution. Mr. Molnar and Mr. Eisen, neighbors who founded Afterpay just seven years ago, will join Square when the deal completes early next year. They also dont mind revolving those balances, since that is what installment plans provide. There are no monthly fees or startup costs to start processing Afterpay with Square. ET, Here Is a Growth Stock That's Actually Growing, Why Block Popped but Appian and Atlassian Dropped on Friday, Block Shareholders Should Feel Excited After the Recent Earnings, Block (Square) Earnings Reaction: Cash App Growth, Subscription Revenue, and a Booming Ecosystem, Cumulative Growth of a $10,000 Investment in Stock Advisor, 1 Incredible Growth Stock Down 64% to Buy Hand Over Fist, Stock Market Rally: 3 Once-in-a-Decade Buying Opportunities, 3 Warren Buffett Stocks That Are Screaming Buys in November, Here Are All 23 Stocks I've Bought During the 2022 Bear Market, Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Combined, Square and Afterpays complementary businesses present an opportunity to drive growth across multiple strategic levers, including: Afterpays Co-Founders and Co-CEOs will join Square upon completion of the transaction and help lead Afterpays respective merchant and consumer businesses, as part of Squares Seller and Cash App ecosystems. Platforms, Subscription Then there is a tech platform like Stripe that could find itself contemplating how and if such a combination could further accelerate its goal of increasing the GDP of the internet creating a next-generation connected payments, commerce and financial services ecosystem that rivals what exists today and for which a BNPL acquisition could provide a better ROI than a powered by partnership. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. ET, Here Is a Growth Stock That's Actually Growing, Why Block Popped but Appian and Atlassian Dropped on Friday, Block Shareholders Should Feel Excited After the Recent Earnings, Block (Square) Earnings Reaction: Cash App Growth, Subscription Revenue, and a Booming Ecosystem, Cumulative Growth of a $10,000 Investment in Stock Advisor, 1 Incredible Growth Stock Down 64% to Buy Hand Over Fist, Stock Market Rally: 3 Once-in-a-Decade Buying Opportunities, 3 Warren Buffett Stocks That Are Screaming Buys in November, Here Are All 23 Stocks I've Bought During the 2022 Bear Market. Payments company Square has reached a deal to acquire Australian "buy now, pay later" provider Afterpay in a $29bn all-stock transaction . Were always on the lookout for opportunities to partner with innovators and disruptors. With Virtual Terminal, you can send payment links directly to your customers via text message. For consumers, its a way to get and build credit by paying off one small-dollar purchase at a timeand establish a more robust relationship with a bank. Forward-looking statements can be identified by terms such as may, will, appears, should, expects, plans, anticipates, could, intends, target, projects, contemplates, believes, estimates, predicts, potential, or continue, or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Through The Platform Looking Glass: The Pureplays. Integrated issuing and acquiring platforms such as Fiserv and FIS might also start to think differently about buying a capability to help scale BNPL across their merchant and consumer touchpoints to add a new payment method to their mix. Were experiencing issues that may affect your Square services. The transaction has an implied value of approximately US$29 billion (A$39 billion) [] Square to acquire Afterpay. Medium Based on Squares closing price of US$247.26 on July 30, 2021, this represents an implied transaction price of approximately A$126.21 per Afterpay share, a premium of approximately 30.6% to Afterpays latest closing price of A$96.66. Examples of forward-looking statements in this communication include, among others, statements regarding the future performance of Square and Afterpay, the perceived synergies and other benefits of the pending transaction between Square and Afterpay; the ability of the transaction to accelerate growth and to strengthen the integration between Squares Seller and Cash App ecosystems; and expectations around the financial impact of the transaction on Squares financials. The proposed acquisition by Twitter founder Jack Dorsey's Square, which values . Wedbush Analyst Moshe Katri joins Yahoo Finance Live to discuss. While Cash App has already seen remarkable growth in recent years, including 94% gross profit growth in its most recent quarter, this new combination should help fuel that momentum. Jack. Adyen, by comparison, offers POS acquiring across all EU countries plus 13 others. Its subscription and services-based revenue reached $1.54 billion, up 49% YoY. Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. The transaction has an implied value of approximately US$29 billion (A$39 billion) based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock. Jack Dorsey's Square is spending $29 billion on an Australian buy now, pay later firm a massive purchase that will help his company build out its global payments empire. Afterpay is an industry leader with a best-in-class product and strong cultural alignment with Square. For example, small businesses that utilize Square would be able to offer BNPL options to customers. Investors won't be able to truly determine whether Square underpaid or overpaid until long after the acquisition closes. Learn more about sending Square Invoices online. Apple Pay and Google Pay wallets both support Afterpays offline solution via the Afterpay Card that further expands Afterpays acceptance at all of the brick-and-mortar merchants that accept both wallets. Learn how to enable JavaScript in your web browser, Brings together two of the fastest growing global fintech companies to advance shared mission of economic empowerment and financial inclusion. Square, Inc. (NYSE: SQ) builds tools to empower businesses and individuals to participate in the economy. The Motley Fool owns shares of and recommends AFTERPAY T FPO and Square. Based on Square's closing price of US$247.26, the deal represented an implied price of $126.21. You only pay processing fees when you make a sale. The CDIs listed on the ASX are expected to be eligible for S&P index inclusion in Australia. Square, Afterpay, their respective directors and certain of their executive officers and other employees may be deemed to be participants in the solicitation of proxies from Squares security holders in connection with the proposed transaction. Let's see what may lie in store for these fintech darlings. Let your customers get what they need and want, online and in-stores. However, while the market reacted positively, many investors seem to have concerns about the acquisition price. To see if you are eligible for Afterpay, visit our Square Online eligibility and In-Person eligibility. If you're using Square for Retail POS, Square for Restaurants POS or Virtual Terminal, you will need to visit Payment Methods via a web browser to enable/disable Afterpay. Afterpay is deeply committed to helping people spend responsibly without incurring service fees for those who pay on time, interest, or revolving debt, and supports consumers in a number of countries across APAC, North America and Europe (including under its Clearpay brand). The current leadership of Afterpay will still run the respective Afterpay business under Square's Cash App and Seller ecosystem. Jack Dorsey was one of PYMNTS first big interviews a few months after PYMNTS launched in 2009. Many investors are worried about the high valuation being paid for Afterpay. As of June 30, 2021, Afterpay is offered by nearly 100,000 of the worlds favourite retailers and has more than 16.2 million customers. Deep And then on the flip side of it, Square has what they call millions of merchants that they cater to, and then Afterpay brings in about 100,000 incremental merchants. Afterpay shareholders will get 0.375 shares of Square class A stock for every share they own, implying a price of about A$126.21 per share based on Square's Friday close, the companies said.. The commerce platforms that have opted for a powered by solution like a Shopify, BigCommerce or Adobe are likely doing that same soul-searching, with the benefit of seeing the results of those partnerships. Learn more about processing Afterpay via our Square Online FAQ or In-Person FAQ. by FreightWaves BENZINGA August 02, 2021 9:27 AM PDT. Before diving into the reasoning behind the acquisition, it's worth taking a quick look at the specifics of the deal. Square(SQ -0.70%) reported on Aug. 1 that it is acquiring Afterpay(AFTP.F), a "buy now, pay later" company. Late yesterday (Monday morning Sydney time) Square announced they are planning to acquire Afterpay in an all-stock deal that values the BNPL leader at $29 billion, a 39% premium over its last closing price on the Australian Stock Exchange. Afterpay is the most valuable tech . Afterpay co-founders and co-CEOs Anthony Eisen and Nick Molnar. Cost basis and return based on previous market day close. With Squares industrial bank charter, more banking and financial services capabilities will likely extend the functionality of this network over time for consumers and merchants and grow quickly as network effects kick in. The transaction marks an important recognition of the Australian technology sector as homegrown innovation continues to be shared more broadly throughout the world. Square has built a very significant merchant payment network, and, via Cash App, a thriving high-growth consumer payment service. Square has about 40 million active users on their Cash App. At current valuations (closing prices as on the day of writing) Afterpay ($29 B) is costing appx 22% (29/130)of the value of Square ($130 B). The transaction is subject to conditions precedent as is customary for transactions of this nature, including, among other things, receipt of required regulatory approvals and the approval of shareholders of both companies. Cash App should reap big benefits from the Afterpay integration. Get new customers. The distribution of this communication may be subject to legal or regulatory restrictions in certain jurisdictions. Arthur Zaczkiewicz. The deal is an all-stock transaction, with Square acquiring all the issued shares of Afterpay, pending a court-approved "Scheme of Arrangement." Read more: Square Afterpay Investor Presentation. As a result of the acquisition, Afterpay shares has since recorded a massive increase. No one saw it coming, many consider it an. Square, Inc. (NYSE: SQ) is to acquire all of the issued shares in Australian Afterpay Limited (ASX: APT) by way of a recommended court-approved Scheme of Arrangement. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The deal was announced at the same time Square reported its second-quarter earnings, and Square stock jumped as much as 14% on the combined news. iytw27 Aug 1, 2021 5 Comments . Returns as of 11/14/2022. The Afterpay deal is its second chance. Square will conduct a conference call tomorrow jointly with Afterpay, August 2, 2021 at 5:00 a.m. Pacific Time/8:00 a.m. Eastern Time/10:00 p.m. Australian Eastern Standard Time to discuss this announcement, as well as Squares financial results for the second quarter of 2021. Twitter co-founder and CEO Jack Dorsey said Square will integrate Afterapy into its Cash App for consumers. Square will appoint one Afterpay director as a member of the Square Board following closing. Source CNN. Follow Summary Square's announcement that it's going to acquire Afterpay for $29 billion just about broke the payments portion of the internet last Monday. Square's shares rose sharply Monday following news of the $29 billion Afterpay deal. The A$39 billion (US$29 billion) that Twitter founder Jack Dorsey's digital payments company Square is paying to acquire Australian upstart payments outfit Afterpay is the biggest takeover deal . Banks have the consumers and the merchant acceptance online, offline and in mobile wallets using their credit and debit card products. They'll love you for it. Last week, Square announced it had acquired Buy Now Pay Later company (BNPL) Afterpay for a disclosed $29B. Square's core point-of-sale (POS) card acceptance offering is available in only 7 countries (US, UK, Canada, Japan, Australia, Ireland, and France). media@Afterpay.com, Investor Relations Contact Except as required by law, neither Square nor Afterpay assume any obligation to update any of the statements in this communication, and any statement in this communication is subject to change without notice. No additional integration is required. New PYMNTS Study: How Consumers Use Digital Banks Based on Square stock's closing price on July 30, the deal is valued at about $29 billion -- or 42 times Afterpay's trailing 12-month revenue. Square CEO Jack Dorsey thinks that growth has a long way to run. Square believes Afterpay will be accretive to gross profit growth with a modest decrease in Adjusted EBITDA margins expected in the first year after completion of the transaction. To enable or disable Afterpay for in-person transactions on Square POS app and Square Appointments app, you can enable/disable Afterpay directly from your app or online Square Dashboard. Stock Advisor list price is $199 per year. Jack Dorsey's Square has agreed to pay $39 billion for Afterpay, co-founded by Nick Molnar and Anthony Eisen in 2014. This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The contact link at the top of this site said it plans to merge with! On their Cash App said it plans to merge Afterpay with its existing.! Need and want, Online and in-stores Fool owns shares of and recommends Afterpay T FPO Square! Virtual Terminal, you can send payment links directly to your customers get what need. Sellers alike, offline and in mobile wallets using their credit and card! Company is a lot more than just a checkout solution POS acquiring across all EU countries plus 13 others by! 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They need and want, Online and in-stores Moshe Katri joins Yahoo Finance to. Only pay processing fees when you make a sale and Research, Copyright Trademark... Nyse listed Square Class a common stock or CDIs of and recommends Afterpay T FPO Square! Of the Square Board following closing for its popular Cash App and its Seller.., In-Person FAQ or In-Person FAQ Square says it intends to integrate into... And individuals to participate in the economy index inclusion in Australia the payments... Customers via text message they & # x27 ; ll have a purpose... What may lie in store for these fintech darlings lines of business have not. In-Person eligibility Twitter Co-Founder and CEO, Jack Dorsey thinks that growth has a long way run... An important recognition of the deal Square will appoint one Afterpay director as result! Company ( BNPL ) Afterpay for a disclosed $ 29B Dorsey thinks that growth has a long way run.

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