PayPal Agrees to Buy Payments Firm Hyperwallet for $400 Million
PayPal said it agreed to acquire fintech company Hyperwallet for about $400 million, augmenting its offerings at a time when the company is facing increased competition from banks, startups and tech companies.
Founded in 2000, Hyperwallet helps individuals and small firms receive payments for goods and services that they sell on online marketplaces, including Amazon.com Inc.’s Australian business and Expedia Group Inc.’s vacation-home rental site HomeAway. The company, which counts private-equity firm Primus Capital Partners as a major shareholder, can disburse payments in more than 200 countries through a variety of forms, including debit cards and transfers into bank or PayPal accounts.
PayPal executives have previously identified both deal-making and supporting commerce that happens over online marketplaces as two of the company’s biggest drivers of growth in coming years. (...)
“We see an explosion of marketplaces,” said Bill Ready, PayPal’s chief operating officer, in an interview. “We want to serve them with a full operating system for commerce.” (...)
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