Dorsey, who co-founded Twitter, pointed to Afterpay’s network effect.
He told investors on the call that Square is “seeing strong demand for buy now, pay later from merchants and consumers and rapid adoption amongst both, especially younger consumers.”
Square CEO Jack Dorsey says acquiring Afterpay will drive more e-commerce activity across both services by more tightly connecting retailers with young shoppers, as he kicked off a pitch to encourage the US fintech’s shareholders to support the blockbuster $39 billion deal.
Mr Dorsey said Afterpay had a first-mover advantage in the crowded buy now, pay later sector and he had been drawn to co-founders Anthony Eisen and Nick Molnar’s ambition and “authentic” management style. Their leadership would help Square expand internationally and attract larger merchants, he added.