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PayPal Completes Acquisition of Vancouver-based Hyperwallet for $400 Million USD
Tuesday, November 20, 2018Company Profile | Follow Company
Vancouver, BC, November 20, 2018--(T-Net)--PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Vancouver-based Hyperwallet for approximately $400 million USD.
The companies reported in a press release that they expect the 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.
Brent Warrington, Chief Executive Officer
"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."
About Hyperwallet
Pay the planet with Hyperwallet. At Hyperwallet, our goal is to provide organizations with a fast, efficient, and transparent way to distribute funds to their global contractors, suppliers, and resellers. Built atop sophisticated online and mobile payments technology, Hyperwallet's advanced payment architecture unifies fragmented financial infrastructure in a singular environment. The end result is a global payout platform unlike anything you've ever seen. Hyperwallet's global payout platform enables localized, multi-currency distribution to just about anywhere in the world. Our payout solutions are available as an SaaS or through REST API integration, and all include systems monitoring, maintenance management, payee support tools, and KYC/AML compliance. Our range of unique payout options ensure that your payees get their money quickly, conveniently, and affordably—wherever they are. Contractor or reseller, local or global. Whatever your payout needs, Hyperwallet's got you covered.
About PayPal
HELP US REIMAGINE MONEY.
At PayPal, we believe that now is the time to democratize financial services so that moving and managing money is a right for all citizens, not just the affluent. We are driven by this purpose, and we uphold our cultural values of collaboration, innovation, wellness and inclusion as our guide for making decisions and conducting business every day. It is our duty and privilege to be customer champions and put those we serve at the center of everything we do. We are one team that respects and values diversity of thought for everyone, everywhere, and we actively seek to create an energizing workplace that brings out the best in all of us. If you're ready to shape the future of money, join the team at PayPal. We're proud to work here. You will be too.