PayPal Holdings, Inc. (NASDAQ: PYPL) announced on Thursday it has completed its acquisition of Hyperwallet for approximately $400 million USD. According to the firm, this transaction will strengthen PayPal’s payout capabilities and enhance PayPal’s ability to provide an integrated suite of payment solutions to e-commerce platforms and marketplaces around the globe.
While sharing details about the acquisition, Bill Ready, Chief Operating Officer of PayPal, stated:
“E-commerce platforms and marketplaces have been focused on creating frictionless experiences for sellers to accept payments from buyers – an area where PayPal and Braintree have really innovated, powering many of the world’s largest and most noteworthy marketplaces,” said. “We look forward to working with Brent and the Hyperwallet team to strengthen our platform with advanced payout capabilities as we build on our aspiration to serve the digital economy with a full operating system for commerce.”
As part of the acquisition, Brent Warrington, CEO of Hyperwallet, now joins PayPal and will continue to lead Hyperwallet, reporting to Juan Benitez, VP and general manager of Braintree. Warrington went to add:
“I am proud of everything we’ve built at Hyperwallet – from humble beginnings as a Vancouver-based startup to a global, world-class payouts company with an unwavering dedication to our customers. The combination of PayPal and Hyperwallet creates a powerful set of tools and services to help our customers pay the planet.”