Hyperactive PayPal acquires Hyperwallet for $400m
PayPal is keeping busy and will acquire payout platform Hyperwallet for $400 million in cash – giving it more payment solutions to e-commerce platforms and marketplaces.
Transaction expected to close in Q4 2018
Bill Ready, chief operating officer, PayPal, says: “By acquiring Hyperwallet, we will strengthen our ability to provide an integrated end-to-end solution to help ecommerce platforms and marketplaces — however large or small — leverage world-class payout capabilities in over 200 markets.”
Upon closing, PayPal says it and Braintree merchants (a PayPal service) will gain localised, multi-currency payment distribution capabilities with numerous disbursement options, including prepaid card, bank account, debit card, cash pickup, cheque and PayPal.
The transaction is expected to close in the fourth quarter of 2018. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.
Hyperwallet has offices in San Francisco, Austin (Texas), London, Sydney, and Vancouver. There is no word on what will happen to Hyperwallet’s staff as part of the deal.
From Google to Dosh
PayPal has been involved in plenty of other recent payments action.
Last month, PayPal and Google Pay took the next steps on the path to eternal love by deepening their payments relationship.
Also in May, PayPal said it will acquire Stockholm-based small business e-commerce platform iZettle for $2.2 billion, giving it a payments boost in Europe and Latin America.
While in April, Dosh, a paytech and advertising start-up that gets consumers cash back on certain purchases, raised a $44 million Series A round of funding from some big-name investors, including PayPal.
