Afterpay, meanwhile, is among the most prominent companies in the space. Square says 100,000 merchants globally use the platform, and that it has more than 16 million customers.
Square said it expects the all-stock deal to close in the first quarter of 2022.
“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,” he 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.”
Afterpay co-CEOs Anthony Eisen and Nick Molnar said the move “marks an important recognition of the Australian technology sector as homegrown innovation continues to be shared more broadly throughout the world.”
“By combining with Square, we will further accelerate our growth in the U.S. and globally, offer access to a new category of in-person merchants, and provide a broader platform of new and valuable capabilities and services to our merchants and consumers,” they said in a statement.
— Nathaniel Meyersohn contributed to this report.