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5 Things You Can Learn from Entrepreneurs Who Sold Their Business for $29 Billion

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31.08.2021

In the hectic, fast-paced world we currently live in, convenience is key. Australians Nick Molnar and Anthony Eisen recognized the public’s desire for convenience, creating Afterpay back in 2014 to provide customers a unique and efficient way to make purchases. Following a “buy now, pay later” ideology, users conduct payments through a series of interest-free installments, preventing themselves from spending large amounts of money at once and avoiding pesky credit charges. Afterpay’s success recently caught the eye of Square, an American digital services company that helps people buy, sell, and send money from the convenience of a mobile device, allowing businesses to conduct transactions in a quick and efficient manner. Jack Dorsey, co-founder of Twitter and the founder of Square, refers to the “shared purpose” of both companies, which has led to a mutually beneficial deal with Square purchasing Afterpay for a whopping $29 billion.

A deal of this magnitude does not happen every day, especially one that has become the biggest buyout in Australian history.

Therefore, this presents a great opportunity to analyze Afterpay’s success for other businesses to emulate similar strategies. Here are five lessons you can learn from these entrepreneurs.

Back in 2014, Molnar and Eisen recognized a common struggle for people to make large transactions, inspiring them to explore the process of installment payments. Because Afterpay was a new innovation, the brand essentially stood as its own category in the world of fintech. Now, with Covid-19 hurting people’s bank accounts and emphasizing contactless/online transactions, the “buy now, pay later”........

© Entrepreneur


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