PayPal has continued its shopping spree with a $400 million cash deal to acquire e-commerce payout platform Hyperwallet.
The acquisition comes on the back of recent agreements to buy Sweden's iZettle for $2.2 billion and AI-based merchant marketing outfit Jetlore, as Paypal bids to extend its reach to all corners of the payments market.
The Hyperwallet deal will enable the company to provide a full end-to-end suite of payments services to buyers and sellers using online marketplaces.
“Ecommerce platforms and marketplaces are leveling the retail playing field by connecting buyers who have specific needs with groups of sellers that can meet them,” says Bill Ready, chief operating officer, PayPal. “Merchants and service providers who use these platforms want quick, efficient, flexible and secure access to their earnings, whenever and wherever they need them. By acquiring Hyperwallet, we will strengthen our ability to provide an integrated end-to-end solution in over 200 markets.”
Upon closing, PayPal and Braintree merchants will gain localised, multi-currency payment distribution capabilities with numerous disbursement options, says Ready, including prepaid card, bank account, debit card, cash pickup, check and PayPal.
The transaction is expected to close in the fourth quarter of 2018.