In simple terms ? American based digital payments provider – Square – has acquired Australian ‘ Buy Now , Pay Later ’ ( BNPL ) company , Afterpay .

Valued at US $ 29bn , the acquisition has created a new giant in the BNPL sector .

What does the acquisition mean for Afterpay ? Completion of the acquisition will see Afterpay ’ s BNPL integrate into Square ’ s Cash App , expanding the company ’ s global presence , as well as strengthening the online payment capabilities for Afterpay .

So competition is heating up ? With the FinTech industry still relatively fragmented , by Square and Afterpay combining their financial capital , expertise , and resources , the acquisition sparks potential to disrupt the current landscape and maintain profitability in the wake of COVID-19 .

Currently , there is a range of leading BNPL platforms , including Klarna , Afterpay and PayPal , with other companies such as Apple and Goldman Sachs working to develop their own services .

� RAPYD Reportedly bringing its value to US $ 8.75bn , neobank Rapyd has raised US $ 300mn in its Series E funding round . Rapyd ’ s CEO and Co-FOunder – Arik Shtilman – plans to use the investment for acquisitions and research and development ( R & D ).

� ELEMENT VENTURES Element Ventures raises US $ 130mn to fund the founders and ideas that will power future financial technology in the UK and Europe .

� US & CHINA Following the tightening of restrictions on overseas listings of Chinese companies in the US , China has called for closer communication with Washington to ease tensions .

� SOUTH KOREA South Korea looks to FinTech ’ s for answers to growing household debts in the country ( US $ 1.6tn ). Companies such as PeopleFund allow borrowers to switch their risky floating rates to fixed-rate , amortised loans .

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