Square, has announced an acquisition of Afterpay which will give merchants more financial products and services. As part of the acquisition sellers in the United States and Australia will now have access to Afterpay’s “Buy Now, Pay Later” option.
Using Afterpay on our Square-powered website has been a huge boost to business, Our purchases are nearly 20% larger when shoppers use Afterpay, and we receive earnings instantly in our Square account to keep our business moving. Our repeat customers appreciate the new BNPL option, especially since they can keep earning points through our Square Loyalty program, and we’ve been able to engage and convert more new customers than ever before through e-commerce.
Jeannie & Kendall Glenn, owners, Kendall’s Greek Smartwear.
Afterpay co-founders and co-CEOs Nick Molnar and Anthony Eisen have joined Block and will help lead Afterpay’s respective seller and consumer businesses, as part of Block’s Square and Cash App ecosystems.
Nearly 56% of American consumers have used a BNPL service (source), and the fastest growing consumer segments, Gen-Z and Millennials, comprise 75% of BNPL users (source). Square sellers can now serve this growing consumer demand, including in markets like Australia, which is Square’s largest market after the U.S. and where Afterpay has very high awareness and repeat usage. Afterpay also furthers Square’s omnichannel, upmarket, and global growth.
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, 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.
Nick Molnar, Afterpay Co-Founder and now Afterpay Lead at Square