Square agrees to £21 billion deal for buy now, pay later firm Afterpay

Digital payments company Square Inc says it has agreed to acquire Australian buy now, pay later company Afterpay in an all-stock deal valued at £20.8 billion (Michael Reynolds/Pool/AP)

Digital payments company Square Inc says it has agreed to acquire Australian buy now, pay later company Afterpay in an all-stock deal valued at about 29 billion dollars (£20.8 billion).

Square, whose chief executive officer Jack Dorsey is also the founder of Twitter, allows retailers to process credit card transactions using devices that plug into tablets or smartphones.