PayPal to buy BNPL venture Paidy in $2.7bn deal
US payments giant PayPal is set to acquire Japanese buy now, pay later venture Paidy in a $2.7 billion largely cash deal.
This closely follows Square’s announcement that it would buy Australian BNPL firm Afterpay for $29 billion.
"Paidy pioneered BNPL solutions tailored to the Japanese market and quickly grew to become the leading service, developing a sizeable two-sided platform of consumers and merchants," says Peter Kenevan, Vice President, Head of Japan at PayPal.
"Combining Paidy's brand, capabilities and talented team with PayPal's expertise, resources and global scale will create a strong foundation to accelerate our momentum in this strategically important market."
"We are just at the beginning of our journey and joining PayPal will accelerate our plans to expand beyond e-commerce and build unique services as the new shopping standard," says Riku Sugie, President and CEO at Paidy.
"PayPal was a founding partner for Paidy Link and we look forward to working together to create even more value. Thank you to our community of merchants and users who helped us get to this important milestone."
