Square CEO Jack Dorsey says acquiring Afterpay will drive more e-commerce activity across both services by more tightly connecting retailers with young shoppers, as he kicked off a pitch to encourage the US fintech’s shareholders to support the blockbuster $39 billion deal.
Local Square alumni said the mega-deal made strategic sense but suggested the US giant might prioritise its own brand in the United States over Afterpay’s, as it pulled the buy now, pay later service to its own merchant and user systems.
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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
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
