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Paypal acquires Hyperwallet fo...Online payments giant Paypal announced that it was acquiring Hyperwallet for $400 million in an all cash deal. Hyperwallet, started 18 years ago, provides payment solutions for small businesses for a wide range of products and services that the businesses offer. Primus Capital is an investor and a major shareholder in the Hyperwallet. Additionally, the company had also received funding from the financial services company Raymond James.
This deal is just another in Paypal’s recent string of acquisitions. Last month Paypal acquired iZettle, a European payments company for an amazing $2.2 billion. This is widely believed to be Paypal’s biggest acquisition yet.
Considering the fact that marketplace sales made up over 50% of global online retail sales last year, Paypal says this deal enhances its ability to provide payment solutions to e-commerce platforms and marketplaces around the world. Paypal already facilitates payouts for companies such as Uber and Airbnb, through Paypal as well as through bank accounts. Hyperwallet deal is expected to expand its abilities significantly, since Hyperwallet operates in 200 countries and has a varied clientele that includes Expedia Inc and HomeAway.
Hyperwallet develops online employee payout platforms for financial institutions and marketplace companies. This platform enables corporations to distribute funds across many countries and different currencies. In addition to this, Hyperwallet provides many mass payment options like global bank deposits. This acquisition will no doubt allow Paypal to widen its already impressive portfolio and expand its customer base.