PayPal has concluded its acquisition of Canada-based bill payment firm TIO Networks to accelerate its entry into the bill payment market.
The payment giant agreed to acquire all of the outstanding shares of TIO for $2.64 per share in cash or an approximate $238m equity value in February this year.
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TIO, which processed more than $7bn in consumer bill payments in fiscal 2016, will now operate as a separate service within PayPal.
The acquired multi-channel bill payment processor will be led by Hamed Shahbazi, vice president of Bill Pay and general manager, PayPal Canada Bill Pay Services.
“As complementary organizations, PayPal and TIO are well-positioned to make paying a bill as fast and simple as making a payment with PayPal. Through this acquisition, PayPal will expand its global scale of operations, complement its product portfolio, and accelerate its entry into the bill pay market, enabling millions of customers to improve their financial health through access to TIO’s valuable services,” PayPal said in a press statement.
PayPal president & CEO Dan Schulman said: “Expanding into multi-channel bill payments through the acquisition of TIO furthers this mission and will meaningfully advance our ability to offer digital financial services to tens of millions of underserved customers.”
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