Paypal has completed its acquisition of Hyperwallet

It’s official.

As announced earlier this year, digital payment platform PayPal has now completed its acquisition of global payout platform Hyperwallet.

In a release published yesterday, the company acquired Hyperwallet for roughly $400 million.

The exchange is expected to enhance Paypal’s global payout, and bolster the company’s ability to provide payment solutions to digital platforms and marketplaces worldwide.

“Ecommerce platforms and marketplaces have been focused on creating frictionless experiences for sellers to accept payments from buyers – an area where PayPal and Braintree have really innovated, powering many of the world’s largest and most noteworthy marketplaces,” said Bill Ready, chief operating officer, PayPal.
The company said it looks “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.”

The company announced its plans to acquire the global payout technology back in June, right after it parted with $2.2 billion to purchase Swedish e-commerce platform iZettle in May.

“I am proud of everything we’ve built at Hyperwallet” Warrington continued. “The combination of PayPal and Hyperwallet creates a powerful set of tools and services to help our customers pay the planet.”

PayPal has been going hard on the tech investments this year. Last month, the company also purchased a stake in Tala: a financial tech startup dedicated to giving financial access to underserved users in Mexico, Philippines, Tanzania and Kenya.