Block reported a thumping quarter for buy now, pay later transactions after merging Afterpay with its Cash App as part of a strategy dreamed up by founder Jack Dorsey when he bought the Australian fintech three years ago.
Mr Dorsey said US media reports about a potential regulatory investigation regarding illicit transactions that tanked its share price on Thursday were off the mark. The company’s shares jumped 10.5 per cent on Friday.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
