PayPal (NASDAQ: PYPL) recently completed the acquisition of Vancouver-based global payout platform Hyperwallet Systems for approximately $400 million USD.
Why PayPal Has Purchased Hyperwallet
The giant digital payments company says the acquisition of Hyperwallet will help strengthen PayPal’s payout capabilities with enhanced ability to provide an integrated suite of payment solutions for ecommerce platforms and marketplaces around the world.
“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,” PayPal CEO Bill Ready said in a statement back in June.
PayPal’s New Payment Solutions for Ecommerce Businesses
According to Ready, the acquisition of Hyperwallet Systems builds on PayPal’s aspiration to serve the global digital economy. In announcing closing of the acquisition, Ready noted that PayPal is eager to work with Hyperwallet Systems towards better serving the digital economy:
“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.”
Hyperwallet Systems develops online worker payout platform solutions for growing organizations and marketplace companies globally. Now joining PayPal, Hyperwallet CEO Brent Warrington will continue to lead his payout company, reporting to Juan Benitez, VP and general manager of Braintree.
Global Ecommerce Payment Solutions Expected to Strengthen
PayPal first announced its plans to acquire the global payout startup back in June, soon after it had parted with $2.2 billion to purchase Swedish ecommerce platform iZettle in May. It would seem PayPal is on a buying spree to strengthen its global payment solutions for ecommerce businesses and marketplaces.
With this buying spree in full swing, one can only hope that the giant digital payments company does indeed make accepting and disbursing ecommerce payments as seamless as it promises. Small business can benefit hugely with a frictionless and reliable global ecommerce payments solution.
“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.”
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I think This is something new and amazing that PayPal update for their Business Customers.
Acquisition of Hyperwallet is a great addition to PayPal payment features and it will definitely boost the e-commerce businesses. Thanks for sharing this update.
Smart acquisition by PayPal. Payment processing is a huge business and is growing like crazy internationally.