Jack Dorsey’s digital payment company Square has agreed to buy Australian company Afterpay in an all-stock transaction for $29 billion to expand into consumer lending.

The deal with Afterpay is the San Francisco-based company’s largest acquisition to date.

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A user can buy things on credit using Afterpay and then pay later in installments. The Australian company had a market value of about $27.9 billion at Friday’s close.

The Square acquisition of the company is expected to be completed in the first quarter of 2022, according to a statement of the companies quoted by Bloomberg.

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“Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles,” Square CEO Dorsey was quoted by Bloomberg as saying.

Sydney-based Afterpay was founded in 2015. The company has more than 700 employees globally, according to its website. It lets consumers make purchases on credit, and then pay back the loan over four payments. There are no fees or interest on the loan assuming people pay on time, according to the website.

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According to both companies, the plan is for Square to integrate Afterpay into its existing Seller and Cash App business units. “This will give merchants the ability to offer a ‘buy now, pay later option’ at checkout, let Afterpay consumers manage their installment payments directly in the Cash App, and allow Cash App customers to discover merchants and installment offers directly within the app”, the companies said.