Dorsey’s Square to buy Australia fintech Afterpay for $29 billion

Jack Dorsey’s Square unveiled a record $29 billion deal to snap up Australia’s fast-growing buy-now, pay-later firm Afterpay, in a major bet on the burgeoning sector, sending its share price soaring Monday.

The Australian fintech was founded six years ago and allows consumers to buy everything from laptops to flights in staggered payments without interest.

“Square and Afterpay have a shared purpose,” Dorsey -- who made his billions through Twitter -- said announcing the deal on Sunday.

“We built our business to make the financial system more fair, accessible and inclusive.”Afterpay makes money by taking a commission from retailers and charging fees to late-paying customers.

It currently boasts 16 million customers in Australia, Britain, Canada and the United States.Consumer advocacy groups have long voiced concern that buy now, pay later services could encourage people -- especially the young -- to spend beyond their means.