Square announced Sunday that it’s acquiring Australian company, Afterpay for $29 billion. As younger generations are increasingly turning away from credit cards and explore other buy now, pay later options, this is a logical step for Square. This acquisition will form a financial behemoth, accelerating the company’s strategic priorities.
Afterpay is one of the most iconic Australian startups ever. We’ll be celebrating this acquisition just as hard as coach Dean Boxall’s celebration after Ariarne Titmus’s 400m freestyle win. We’re excited for what this continued success will do for the Australian startup ecosystem!
Afterpay isn’t the only option on the market, and there may be ever more consolidations coming as eCommerce giants are forced to compete with each other. Earlier this year, competitor Affirm went public, quickly doubling their price per share after IPO. Meanwhile, another competitor, Klarna, just recently raised $639 million, putting their valuation at $45.6 billion. We anticipate the already hot buy now, pay later space will only heat up more following this acquisition.
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