The merger should enhance PayPal’s capabilities, such as its ability to provide an integrated suite of payment solutions to e-commerce platforms and marketplaces around the world. Bill Ready, COO of PayPal, shared a statement on the news:
“Ecommerce platforms and marketplaces are leveling the retail playing field by connecting buyers who have specific needs with groups of sellers that can meet them. Merchants and service providers who use these platforms want quick, efficient, flexible and secure access to their earnings, whenever and wherever they need them. 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 close later this year, subject to customary closing conditions, including regulatory approvals.
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