Afterpay co-founder Nick Molnar says merging with Jack Dorsey’s Square will provide the scale and reach to allow Afterpay to take on the giants of the global payments industry, after he and co-founder Anthony Eisen snared the biggest M&A deal in Australia’s history.

Australia’s youngest ever billionaire said the $39 billion deal – which Afterpay’s board has recommended shareholders accept – will boost Afterpay’s growth in the United States, where it is facing tough competition from giant technology players, including PayPal and Apple.