Nick Molnar signals Block will axe Afterpay brand in the US by year-end
In an internal email obtained by Capital Brief, the Afterpay co-founder named "brand convergence" a key priority, and moved to reassure staff about layoffs.
Buy now pay later billionaire Nick Molnar has told Block staff the Afterpay platform he helped create will be merged in the United States into its parent company's flagship Cash App product by the end of the year.
In an internal message sent on Friday and obtained by Capital Brief, Molnar named "brand convergence" between Afterpay and Cash App a key strategic priority for the year ahead.
"We have discussed the Cash App + Afterpay brand convergence in the US since we formed Commerce in October last year," Molnar said in the message.
But he also said the company would continue to invest in the Afterpay brand in its original market of Australia, where it remains popular among retailers and consumers.
