Afterpay's meteoric rise as a lending pioneer

FILE PHOTO: Smartphone with Square logo is seen in front of displayed Afterpay logo in this illustration taken, August 2, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - Block Inc, formerly Square Inc, is set to complete its acquisition of buy now, pay later (BNPL) company Afterpay Ltd by Feb. 1, one of the biggest takeovers in Australian history.

Afterpay emerged from relative obscurity to become one of the pandemic's biggest winners and a global bellwether in alternate lending, as its business model was lapped up by customers and investors alike.