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Business deals

Square to buy Afterpay for $29bn as buy now, pay later booms

Afterpay's board unanimously recommends the deal to its shareholders

Afterpay has been the bellwether of the niche online payments sector which burst into the mainstream last year as more people chose to pay in instalments for everyday items during the pandemic.   © Reuters

Square Inc on Monday said it has agreed to purchase buy now, pay later (BNPL) pioneer Afterpay Ltd to create a global online payments giant, offering a 30% premium in a share-swap deal that is set to be Australia's biggest-ever buyout.

Created in 2014, Afterpay has been the bellwether of the niche no-credit-checks online payments sector that burst into the mainstream last year as more people, especially youngsters, chose to pay in instalments for everyday items during the pandemic.

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