Square to acquire Australian BNPL provider Afterpay

The deal introduces Afterpay’s service, which allows users to stagger the cost of their purchases over interest-free instalments, to US consumers and the small businesses that process their credit card transactions on the Square app. It will also help the Square further expand in Australia, its second-biggest market after the US, according to The New York Times.

Afterpay works with more than 16 million consumers and nearly 100,000 merchants globally. As part of the deal, its founders, Anthony Eisen and Nick Molnar, will join Square. Square will also appoint one Afterpay director to its board once the deal closes.