PayPal must still be smarting from the eBay announcement to move away from their exclusive arrangement and pursue a new eBay Payments solution with Adyen, because much as they’ve been downplaying eBay payments to investors as a relatively small and not very profitable side of their business. Now however, it appears that marketplace payments are important with their acquisition of Hyperwallet.
“This acquisition enhances our payout capabilities, improving our ability to provide an integrated suite of payment solutions to ecommerce platforms and marketplaces around the world. It is yet another step in our journey to further strengthen our global platform to provide critical payment solutions to merchants of all sizes.”
Hyperwallet specialise in distributing mass payments to sellers in relatively small amounts but from a large marketplace pot of payments. Active in over 200 markets, disbursement options, including prepaid card, bank account, debit card, cash pickup, check and their new owners…. PayPal.
Hyperwallet customers include Expedia, Homewawy, Universe, Vision Critical and Amazon Australia.
The deal is expected to close in the fourth quarter of 2018 at which point integration will commence. Once the acquisition closes, Hyperwallet CEO Brent Warrington and the Hyperwallet team will report to Braintree General Manager Juan Benitez.