Cash App has partnered with Afterpay to introduce buy now, pay later services for online merchants.
To celebrate this collaboration, the two companies have launched a unified brand, introducing “Cash App Afterpay” as the new logo for their checkout process. Initially, users will have access to Pay-in-4 products, with Pay Monthly options expected to be available in the coming months.
Nick Molnar, global head of sales at Block and co-founder of Afterpay, stated, “The scale of Cash App’s 57 million monthly actives means our merchant partners benefit from a larger network of customers, and eligible customers gain greater access to simple, fair, and accessible payment options outside of traditional systems. We believe that Cash App Afterpay will not only accelerate Cash App growth but also contribute to the increasing popularity of BNPL options in the United States.”
Cash App’s parent company, Block, completed a $29 billion acquisition of Afterpay in January 2020, just before a significant market correction that impacted valuations across the sector. This situation is underscored by the expected $15 billion valuation for market leader Klarna upon its upcoming IPO.