Australian buy now, pay later firm Afterpay is set to buy Spanish business Pagantis.
In Brief:
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Pagantis was founded in 2011 to offer consumer credit and a seamless payments experience.
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The agreement is to buy for a minimum consideration of €50mn.
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Afterpay will work to launch with Pagantis in Europe in 2021.
What does this mean?
The acquisition will afford the Australian FinTech with the necessary licensing, resourcing and infrastructure to launch in Sothern Europe. This is part of Afterpay’s aim to expand into the continent, spurred on by the online shopping boom brought about by the pandemic.
