PayPal Announces Plan to Acquire Paidy for USD 2.7 Billion
Sep 8, 2021 By MarketDepth
PayPal Holdings, Inc. (NASDAQ: PYPL) has announced that it will acquire Paidy. The two sided payments platform and provider of buy now, pay later solutions in Japan will be purchased for USD 2.7 Billion in cash. This acquisition will expand PayPal’s distribution and relevance in the domestic payments market in Japan. “Paidy pioneered buy now, pay later solutions tailored to the Japanese market and quickly grew to become the leading service, developing a sizable two-sided platform of consumers and merchants,” said 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.”
Expanding in Japan
Paidy’s payment services offer Japanese shoppers the opportunity to make purchases online and pay for them each month in a consolidated bill at a convenience store or via bank transfer. The technology behind this is utilized to score creditworthiness, guarantee payment to merchants and underwrite transactions. “There is no better home for Paidy to continue to grow and innovate than PayPal, which has been removing friction from online shopping for more than 20 years,” said Russell Cummer, founder and executive chairman of Paidy. “Japan has been a vibrant environment for our growth to date and we’re honored to have our team’s hard work and potential recognized by a global leader. Together with PayPal, we will be able to further achieve our mission of taking the hassle out of shopping.”
“Paidy is just at the beginning of our journey and joining PayPal will accelerate our plans to expand beyond ecommerce and build unique services as the new shopping standard. 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.”
Riku Sugie, president and CEO of Paidy
