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Illustration: Brendan Lynch/Axios

Square has agreed to acquire Afterpay, an Australian company in the "buy now, pay later" (BNPL) category, for $29 billion.

Why it matters: This is Square's second big-ticket acquisition this year (after Tidal), showing that it's not shy when it comes to bold moves to expand its business lines.

Details: Square is paying a premium of about 30% over Afterpay's closing price on Friday, though still below the company’s all-time high of A$160 per share. Also: Multiple sources tell Axios' Dan Primack that Square didn't reach out to Affirm, another buzzy BNPL company.

The bottom line: "'There's a lot of growth occurring in this shift away from credit to debit, and it's due to the fact that we've flipped the model on its head,'" Afterpay co-founder Nick Molnar told the NY Times. "The banks’ credit model 'doesn't work,' he said. 'The incentive is the opposite of how we built our product, which is to charge the retailer a small fee instead of making our money from the consumer.'"—Lauren Hirsch, NYT

Go deeper

Felix Salmon, author of Capital
Aug 3, 2021 - Economy & Business

Buy now, pay later is coming to a retailer near you

Expand chart
Data: FIS Global; Chart: Sara Wise/Axios

Buy now, pay later (BNPL) is one of the hottest parts of fintech, built on the idea that a simple pay-in-installments plan doesn't really feel like a loan — especially when it comes with 0% interest.

The big picture: Now that idea has driven Square to acquire Australia-based BNPL giant Afterpay for about $32 billion in stock, based on where its share price closed on Monday.

Special Envoy for Haiti resigns over Biden deportations

Daniel Foote testifies during a Senate Foreign Relations Committee hearing on May 26, 2016. Photo: Drew Angerer/Getty Images

The Special Envoy for Haiti on Wednesday resigned from his position, writing in his resignation letter obtained by PBS that he "will not be associated with the United States inhumane, counterproductive decision to deport thousands of Haitian refugees."

Why it matters: Ambassador Daniel Foote's resignation comes amid heightened anger over the treatment of Haitian migrants and asylum-seekers living in a temporary encampment in Del Rio, Texas — especially after images surfaced of Border Patrol agents whipping at the migrants from horseback.

First-time homebuyers shrink as prices spike

Data: National Association of Realtors; Chart: Axios Visuals

Home sales cooled as prices continued to heat up in August.

Driving the news: The share of first-time existing homebuyers (29%) last month was the smallest in two years, according to new data from the National Association of Realtors.