Digital payments firm PayPal has agreed to acquire payout platform Hyperwallet in a cash deal valued at $400m.
Hyperwallet, founded in 2000, has operations in Vancouver, San Francisco, Austin, London, as well as Sydney. The firm’s payout platform enables organisations to distribute payment easily and offers payees a range of payment options such as prepaid card, bank account, debit card, cash pickup, check and PayPal. It also incorporates financial management tools and payment tracking features.
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PayPal said that the acquisition will boost its ability to offer payment solutions to ecommerce platforms and marketplaces worldwide.
The transaction will make multi-currency payment capabilities in over 200 markets available to PayPal and Braintree merchants.
PayPal COO Bill Ready said: “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.”
The deal is expected to be completed in the fourth quarter of this year, subject to regulatory nod.
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By GlobalDataHyperwallet CEO Brent Warrington said: “Combining Hyperwallet’s advanced payout capabilities with PayPal’s scale will bring increased value to both Hyperwallet’s and PayPal’s customers.
The latest deal comes shortly after PayPal‘s announcement to acquire Swedish payments startup iZettle for $2.2bn.
