Aussie company Afterpay sells for $39 billion to Twitter founder Jack Dorsey’s Square

Two neighbours who created a tech start-up in their Sydney home seven years ago have just landed a $US29 billion deal ($A39 billion) with a US company overnight.

Ex-neighbours and now co-CEOs Nick Molnar and Anthony Eisen started buy now, pay later company Afterpay in 2014, based on the idea that Millennials prefer cashless and credit-free lifestyles.

They listed the service on the stock market in 2016 and since then, Afterpay has gone from strength to strength with more than 16 million customers around the world and rising to the ASX top 20.

On Monday, the co-founders announced an acquisition with US digital payments company Square to the tune of $A39 billion – and they will also join Square once the deal is completed in the first quarter of 2022.

That staggering number is 42 times Afterpay’s revenue, and makes it the biggest merger announced in Australia’s history.

Mr Molnar’s holds a stake of 6.87 per cent while Mr Eisen’s has 6.72 per cent in stocks.

That means they each stand to make around $A2.7 billion. This will all be paid out in stocks.

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