Meanwhile, Square announced on Thursday it was changing its name to Block, as it sought to highlight the growing number of businesses beyond the white payment terminals that are part of its “Seller” business.

Alongside its plans to buy Afterpay in a $39 billion deal, the US fintech has a growing consumer app that provides peer-to-peer payments, and platforms for trading shares and cryptocurrencies. The company said the change in name “creates room for further growth”.

Mr Dorsey, who this week stepped down as CEO of Twitter, said the Square name was tied to its merchant business, which provides small white payment terminals to retailers.

“We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy,” Mr Dorsey said.

Further explaining the name change, the company said: “The name has many associated meanings for the company — building blocks, neighbourhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”

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