Square has announced it is purchasing Afterpay Limited, the Australian firm that made its name in the “buy now, pay later” business.

Square is one of the leading companies in the payment processing market. Afterpay, allows customers to buy a product, and then pay interest-free over four installments.

The two companies’ clearly see their services as complimenting one another in their shared purpose to revolutionize the financial market.

“Square and Afterpay have a shared purpose. 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,” said Jack Dorsey, Co-Founder and CEO of Square. “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.”

“Buy now, pay later has been a powerful growth tool for sellers globally,” said Alyssa Henry, Lead of Square’s Seller business. “We are thrilled to not only add this product to our Seller ecosystem, but to do it with a trusted and innovative team.”

The deal is worth approximately US$29 billion, and is expected to close in the first quarter of 2022.