🤝 Square to Acquire Australia-Based Afterpay for $29 Billion

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Square to Acquire Australia-based Afterpay for $29 Billion 

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Square, one of the major names in the global financial and digital payments landscape, announced that they are acquiring Afterpay in an all-stock deal worth $29 billion. 

Helmed by Jack Dorsey, Square is widely known for its Bitcoin business unit, and it also acquired a majority stake in Tidal this year. 

The deal is expected to be closed by end of Q1 2022. Once the deal is completed, Afterpay's Director will join Square’s board of directors.

Afterpay offers a "buy now, pay later" service, which allows its users to pay for their purchases in installments without any interest.

It is already a big name in the industry, with over 16 million users and almost 100,000 merchants on its platform. 

Commenting on its acquisition of Afterpay, Jack Dorsey, Square’s co-founder & CEO, said, "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."

At $500M Valuation, Africa-focused Challenger Bank Kuda Raises $55 Million 

Offering cheaper banking services by leveraging API-based infrastructure, the Nigerian startup Kuda Bank is aiming to expand quickly in the African region.

The company aims to bring comparatively cheaper personalized mobile-first banking services to "every African on the planet."

To fuel its rapid expansion, London-based Kuda raised $55 million recently at a valuation of $500 million.

Not only is Kuda focusing on expanding its services in Nigeria, but they are also planning to expand into other markets in the African region after the successful funding round.

As for its user base, Kuda disclosed that they had 650,000 users during their $25 million Series A funding round. 

Currently, Kuda has 1.4 million users, which means that they have doubled its user base compared to what it had in March this year. 

HSBC Reports Pre-tax Profits of $10.8 Billion in First Half of 2021

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Amid strengthening the global economy, HSBC beats its earnings expectations in the first half of 2021 after reporting over $10 billion in pre-tax profits.

It resulted in a 3% jump in the HSBC share prices in Hong Kong. The jump in the share prices can be attributed to the bank posting better than expected profitability.

After all, the recorded pre-tax profits were 15% more than what banks had pointed out in its report.

As per the report compiled by HDFC and consisting of analysts' estimates, the bank was expecting $9.45 billion in pre-tax profit in the first half of 2021.

Noel Quinn, Group Chief Executive of HSBC Group, gave credit for the bank's higher than expected performance to a brighter economic outlook. 

He said that the better economic conditions enabled the bank to release provisions set aside to cover the potential losses from loans.

It turned out to be a turning point for the bank as it helped the bank improve profitability.

Amid Growing Bitcoin Adoption, PayPal is Assembling a Cryptocurrency Team in Ireland 

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The global payments industry behemoth PayPal is currently hiring for several cryptocurrency-related positions in Ireland. 

It shows PayPal's strong ambitions to establish itself as one of the major players in the growing crypto space.

As per a Sunday report from Irish Independent, PayPal is looking to fill cryptocurrency-related roles in various domains, including business development, anti-money laundering, and compliance.

The roles are for PayPal's offices in Dublin and Dundalk.

PayPal's foray into the cryptoverse began in October 2020 when it allowed its customers in the United States to buy Bitcoin, Ether, Bitcoin Cash, and Litecoin (LTC) on its platform.

The payment industry leader went one step further and began allowing its US-based customers to pay for products and services in cryptocurrencies from March 2021. 

In May 2021, PayPal announced that their crypto users can withdraw their crypto holdings from PayPal to third-party wallets.

Entering the crypto market proved fruitful for PayPal, too, as the company's crypto business grew beyond their expectations within the first six months.

Around the Web

💰 PolicyBazaar Goes Public: One of the leading online insurance aggregators in India, PolicyBazaar, has finally filed for an IPO. The online insurance aggregator startup seeks to raise $809 million by going public. Over the past two months, three Indian startups have explored the public market to raise capital, with PolicyBazaar being the fourth high-profile startup to opt for an IPO in recent times.

🛠 New Campaign Idea Generator Tool Goes Live on Facebook: The social media giant Facebook has announced a small business-focused new campaign idea generator. Small businesses can use it to generate "campaign ideas, insights and data, and resources."


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