Digital payments firm PayPal has agreed to acquire payout platform Hyperwallet in a cash deal valued at $400m.

Hyperwallet, founded in 2000, has operations in Vancouver, San Francisco, Austin, London, as well as Sydney. The firm’s payout platform enables organisations to distribute payment easily and offers payees a range of payment options such as prepaid card, bank account, debit card, cash pickup, check and PayPal. It also incorporates financial management tools and payment tracking features.

PayPal said that the acquisition will boost its ability to offer payment solutions to ecommerce platforms and marketplaces worldwide.

The transaction will make multi-currency payment capabilities in over 200 markets available to PayPal and Braintree merchants.

PayPal COO Bill Ready said:  “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 be completed in the fourth quarter of this year, subject to regulatory nod.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Hyperwallet CEO Brent Warrington said: “Combining Hyperwallet’s advanced payout capabilities with PayPal’s scale will bring increased value to both Hyperwallet’s and PayPal’s customers.

The latest deal comes shortly after PayPal‘s announcement to acquire Swedish payments startup iZettle for $2.2bn.