Today, we are excited to announce our agreement to acquire Hyperwallet -- a leading global payout platform that will further empower merchants to manage and move their money as they choose.
At PayPal and Braintree, we believe in a world where merchants and their customers have access to tools that make buying and selling online easy, quick and secure. It’s the reason why we created solutions like PayPal’s One Touch and Braintree Extend, and why we give merchants and consumers greater choice by offering PayPal, PayPal Credit, Venmo, and any other payment method that our merchants want, through a single integration. All of this has been made possible because of our unique capabilities, which allows us to create closer and more meaningful relationships between buyers and sellers. Today’s announcement is a significant step in this direction.
Hyperwallet was founded in 2000 in Vancouver, Canada. With 18+ years of payout experience, today, the company enables payouts in 200+ markets. Our shared vision of standardizing payments regardless of geographic location, demographic profile or personal preference of the payee, makes our partnership a very natural fit. By combining PayPal’s robust two-sided platform and Hyperwallet’s payout offering, we will be able to accelerate our overall offering and grow in our core markets, while significantly expanding our international footprint. For merchants, this means they will gain localized, multi-currency payment distribution capabilities in the currencies and markets that Hyperwallet currently operates in.
Braintree has always believed in giving merchants the choice and flexibility to accept any payment methods that their customers want. Similarly, Hyperwallet offers this same flexibility, by offering numerous disbursement options, including prepaid card, bank account, debit card, cash pickup, check and PayPal. We think that this common DNA puts us in a powerful position to better service merchants of varying needs, going forward. We are also excited about the rich expertise and talent that the Hyperwallet team will bring to PayPal and Braintree.
As more businesses are turning to large marketplaces to sell and achieve scale, there is an increasing need for more efficient payouts. Hyperwallet will strengthen our ability to provide an integrated end-to-end solution to help ecommerce platforms and marketplaces -- however large or small -- leverage world-class payout capabilities in over 200 markets. We look forward to seeing the potential that we can unlock together -- especially as we take advantage of our two-sided network of buyers and sellers that is unique to PayPal and Braintree.
We look forward to welcoming the Hyperwallet team!