11/15/18 Update: We are pleased to announce that we have completed the acquisition of Hyperwallet. Welcome to PayPal, Hyperwallet team and customers!
I’m excited to share that we’ve signed an agreement to acquire Hyperwallet, a leading global payout platform. 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.
Consumers are shopping and using online marketplaces almost daily because these marketplaces are bringing consumers and providers, from retailers to freelancers, together in ways that weren’t previously possible. In fact, marketplace sales accounted for more than 50% of global online retail sales in 2017 according to Internet Retailer. This is a tremendous market opportunity for us, one we are uniquely positioned to capture.
Today, the PayPal platform powers many of the world’s largest marketplaces — Uber, Airbnb and eBay, along with many others — and we’ve learned firsthand what is required to be successful on a global scale. Marketplaces are complicated to run because they require serving all sides of the market simultaneously, including consumers who want to use particular payment methods and sellers who need to get paid, regardless of how the consumer wants to pay. Additionally, merchants and service providers who use ecommerce platforms and online marketplaces want quick, efficient, flexible and secure access to their earnings, whenever and wherever they need them.
Hyperwallet – with offices in Austin, London, San Francisco, Sydney and Vancouver – provides organizations with a frictionless, transparent, and reliable way to distribute funds to their global sellers, content producers, contractors, suppliers and resellers.
By acquiring Hyperwallet, we will be able to provide PayPal and Braintree merchants with access to a comprehensive payments solution, including Hyperwallet’s localized, multi-currency payment distribution capabilities in more than 200 markets with numerous disbursement options, including prepaid card, bank account, debit card, cash pickup, check and PayPal.
We expect to close the deal in the fourth quarter of 2018 and will begin integration efforts then. Once the acquisition closes, Hyperwallet CEO Brent Warrington and the Hyperwallet team will report to Braintree General Manager Juan Benitez.
Hyperwallet is a fast-growing, innovative company with a customer-focused vision that aligns with ours. Together, we will help ecommerce platforms and marketplaces — however large or small — leverage world-class payout capabilities in over 200 markets. I’m excited about what we will accomplish together.