Afterpay (the global business branded as Clearpay in the UK) has announced it will close down the Money app.
In Brief:
It launched its Money app in partnership with Westpac last year.
This marks the end of the partnership with Westpac.
It's happening in preparation for Block (formerly Square, which bought Afterpay last year) to launch its Cash App in Australia.
What does this mean?
Afterpay began as a BNPL provider but was using banking-as-a-service from Westpac to offer spending and savings accounts to customers in Australia. After just two years it’s winding down this service in the country to make way for opportunities for Cash App to find new customers in the market.
