Square Inc., the digital-payments platform led by Twitter, agreed to buy Australian buy-now, pay-later company Afterpay Ltd. for $29 billion.
Square 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.
Afterpay was founded in 2015 and launched in America in 2018. It's best known for its buy now, pay later offerings — a service that allows customers to divide retail and online payments into installments.
"We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles," Jack Dorsey, Square's CEO said in a statement. "Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands."