PayPal Holdings Inc (Nasdaq: PYPL) has wrapped up its acquisition of Hyperwallet, a Vancouver-based mass payments solutions provider, for about US$400 million.
The deal was announced in June.
PayPal said the buy will strengthen its payout capabilities and enhance its ability to provide an integrated suite of payment solutions to e-commerce platforms and marketplaces.
Hyperwallet was founded in 2000 by Lisa Shields, who served as CEO until 2015. It has since been led by Brent Warrington.
Hyperwallet was a portfolio company of U.S. private equity firm Primus Capital. Primus invested in the company’s growth strategy in 2014.
PayPal Completes Acquisition of Hyperwallet
November 15, 2018
SAN JOSE, Calif.–(BUSINESS WIRE)–PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Hyperwallet for approximately $400 million USD. This transaction will strengthen PayPal’s payout capabilities and enhance PayPal’s ability to provide an integrated suite of payment solutions to ecommerce platforms and marketplaces around the world.
“Ecommerce 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 Bill Ready, chief operating officer, PayPal. “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.”
With the close of the deal, Brent Warrington, CEO of Hyperwallet, now joins PayPal and will continue to lead Hyperwallet, reporting to Juan Benitez, VP and general manager of Braintree.
“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,” said Warrington. “The combination of PayPal and Hyperwallet creates a powerful set of tools and services to help our customers pay the planet.”
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 254 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PayPal Holdings, Inc. financial information, visit https://investor.paypal-corp.com.
Hyperwallet’s global payout platform provides growing organizations with a fast, efficient, and transparent way to distribute funds to payees almost anywhere in the world. Trusted by enterprise, ecommerce, and on-demand platforms, Hyperwallet makes it easy to deliver a superior payment experience through a single integration. Put your payees in control with a range of convenient payment methods, enhanced financial management tools, integrated payment tracking, and user-friendly compliance and identity verification. Hyperwallet has offices in San Francisco, Austin, London, Sydney, and Vancouver. You can learn more at hyperwallet.com.
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Josh Criscoe, +1 646-667-5065