PayPal to buy up Japanse firm ‘Paidy’ for $2.7bn |MarvelTvUpdates

US online payment giant PayPal said in a statement Tuesday, a new sign of the development of the “buy now pay later” sector that they are set to buy the online Japanese credit specialist Paidy for $2.7 billion.

Paidy was created in 2008 in Tokyo, they allow online merchants to offer payment on credit and in installments 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.

Both parties expect the transaction to be finalized in the fourth quarter of 2021, subject to the necessary regulatory approvals.

Following the takeover, Paidy will retain its brand and continue to operate under its name.

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.

The deal announced on Tuesday confirms the growing development of “buy now pay later” companies.

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