New York (CNN Business) Jack Dorsey's Square ( SQ ) is spending $29 billion on an Australian buy now, pay later firm — a massive purchase that will help his company build out its global payments empire. Square — the financial payments company known for its popular Cash App — said it plans to merge Afterpay with its existing apps. That will give "even the smallest of merchants" the ability offer buy now, pay later services at checkout, among other offerings. It's best known for its buy now, pay later offerings — a service that allows customers to divide retail and online payments into installments. The acquisition is not only Square's largest ever, but it's also the largest acquisition of an Australian company ever — according to data from Refinitiv.

Source: CNN August 02, 2021 01:52 UTC