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Block outlines plans for Afterpay

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Block and Afterpay have a goal to make the financial system “more fair and inclusive”.

Block has declared gross profit growth of 62 per cent to US$4.42 billion for the calendar year 2021.

Annual earnings surpassed US$1 billion for the first time, Block said on Thursday.

The company completed its acquisition of Afterpay on 31 January, and in its financial statement, it addressed future plans for the first time since the acquisition.

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Block’s goal, the company confirmed, is to enable Square sellers of all sizes to offer BNPL at checkout, offer Afterpay consumers the ability to manage their installment payments directly in Cash App, and give Cash App customers the ability to discover sellers and BNPL offers directly within the app.

“United by our shared purpose of economic empowerment, we are excited to welcome the Afterpay team to Block and help make the financial system more fair and inclusive as we build together,” the digital payments company said.

Cash App is Block’s digital wallet that has some 44 million active US users. While it kicked off as a peer-to-peer payments app, it now allows customers to deposit their paychecks, pay their taxes, trade stocks and bitcoin, as well as send fractional shares and bitcoin to friends and family. Afterpay is due to become an integral part of its offering.

Block’s Cash App ecosystem delivered nearly half of its revenue and generated a gross profit of $2.07 billion, up 69 per cent year on year.

Besides Cash App, the digital payment company boasts a further three divisions – Square, Tidal and TBD.

Afterpay’s financials will be included in Block’s first quarter report.

Block outlines plans for Afterpay

Block and Afterpay have a goal to make the financial system “more fair and inclusive”.

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Maja Garaca Djurdjevic

Maja Garaca Djurdjevic

Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.

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