A sign is posted outside of the PayPal headquarters in San Jose, California.is set to buy the online Japanese credit specialistfor $2.7-billion, the US company said in a statement, a new sign of the development of the"buy now pay later" sector.
Created in 2008 in Tokyo, Paidy allows online merchants to offer payment on credit and in instalments to their customers. The company, which now boasts six million clients, had already raised around $400-million from investors, including Goldman Sachs and PayPal Ventures, the private equity arm of PayPal., the latter put 300 billion yen on the table,"mainly in cash," according to a statement released Tuesday.
The two groups expect the transaction to be finalised in the fourth quarter of 2021, subject to the necessary regulatory approvals.In April, the two companies had already entered into a partnership that allowed Paidy users in Japan to make purchases on credit from all e-merchants that used PayPal as a payment service around the world.
PayPal says it has more than 4.3 million active accounts in Japan, where it has been operating since 2010.
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