Layoffs at ‘very, very dysfunctional’ Block spark fears for Afterpay's future
Former staff at Afterpay are concerned about the Australian born buy now, pay later platform's survival after a clumsy integration into parent company Block and internal cultural clashes.
In January 2022, Jack Dorsey's payment business Square finalised its $39 billion purchase of buy now pay later operator Afterpay, the most expensive acquisition in Australian corporate history. Just two years later, the US tech giant now known as Block has moved to slash 1,000 jobs in a move that has cast fresh doubt over Afterpay's future.
Three former staff members let go under the restructure who spoke on the condition of anonymity after signing non-disclosure agreements (NDAs) told Capital Brief they fear for Afterpay following a clumsy integration of the platform into Block and repeated clashes between US and Australian team members, which created a dysfunctional internal culture.
“Afterpay has probably run its course. There won’t be any more investment into it,” one of the former staff members said.
“It’s sad to see it because it’s a product loved by many Australians but there’s no [internal] team left who will grow it. A lot of time and effort has really been wasted over the last two years post acquisition.”
