In Brief:
- All the shares issued by Afterpay have been officially purchased by Block.
- Block’s seller ecosystem saw the first integration of Afterpay’s buy now, pay later offering.
- Sharon Rothstein, former Afterpay director, has been appointed to the new board of directors.
Block has officially purchased all of the Afterpay shares that have been issued. That means former BNPL shareholders should now be looking at 0.375 Block shares for every Afterpay share they previously held.
According to the press release, Square and Afterpay intend to enable sellers of all sizes to offer “buy now, pay later” (BNPL) at checkout, directly in Cash App, and to allow customers to discover sellers and BNPL offers directly within the app.
Jack Dorsey, co-founder, and CEO of Block stated:
“We’re excited to welcome the Afterpay team to Block and are eager to get to work. Together, we’ll deliver even better products and services for sellers and consumers while staying true to our shared purpose of making the financial system more fair and accessible to everyone.”
With that, the US fintech company launched its first integration of Afterpay in the United States and Australia. Block sellers who use Square Online can now take advantage of the installment option for their e-commerce offering.
Block also announced the appointment of Sharon Rothstein, a former Afterpay director, to the board of directors.
Consequently, Former Afterpay shareholders may have noticed that their shares in the buy now, pay later (BNPL) company are no longer shown in their portfolio. Instead, following the successful implementation of the Scheme of Arrangement, investors will discover Block shares in their absence.
At the time of writing, the shares of the US-based financial services firm were up 8.11 percent to $174.50. As a result, Block shares are now trading at their highest level since being listed on the ASX.
In the recent past, Block, Inc. integrated with Lightning Network to enable seamless transaction of Bitcoin in its Cash App to facilitate fast payments and avoid high transaction fees.
