Australian fintech Afterpay has announced it will shut down its Money app in October, just one year after its launch. The company’s acquisition by Jack Dorsey’s Block “means that our focus is shifting in new directions,” he said.
Money by Afterpay to be abolished
The fintech firm’s money accounts and debit cards have been launched in partnership with Australian banking giant Westpac. Afterpay signed up as the first user of Westpac’s Banking-as-a-Service (BaaS) platform in October 2020. The partnership ended with the closure of Money.
Afterpay states on its website that it will not be accepting new customers starting today, and customers will not be able to access their Money accounts after October 10, 2022.
As part of the closing process, Afterpay instructed users to move all funds out of their accounts and set a limit of AUD 10,000 on daily payments.
It also asks users to remove money cards from Afterpay’s Buy Now Pay Later (BNPL) accounts to “avoid failed repayments.”
Block, which acquired Afterpay for $29 billion in January this year, plans to launch its own Cash App in Australia after Money exits the market.