PayPal announced on Thursday (15 November) that its acquisition of Hyperwallet for c. $400mn has been completed. The transaction is expected to strengthen PayPal’s payout capabilities and enhance its ability to provide “an integrated suite of payment solutions to ecommerce platforms and marketplaces” globally. With the close of the deal, Hyperwallet CEO Brent Warrington joins PayPal and will continue to lead Hyperwallet, reporting to Juan Benitez, VP and general manager of PayPal’s Braintree division.
PayPal entered into the deal to acquire the payout platform in June this year. The addition of Hyperwallet means that both PayPal and Braintree merchants will have access to a comprehensive payments solution, including Hyperwallet’s localised, multi-currency payment distribution capabilities in over 200 markets, according to MarketWatch.