Recently, Paypal acquired iZettle for $ 2.2 billion. iZettle is a company in the Fintech sector. However, this is not the 1st acquisition of Paypal in the Fintech sector. There have been quite a few other companies in the Fintech sector as well which have been acquired by Paypal. We will today shed some light on some of these acquisitions by Paypal in the Fintech sector.
Braintree now operates as a division of Paypal. It is responsible for handling the mobile payments as well as web payments from the e-commerce companies. It was founded in 2007. It acquired the company Venmo for $ 26.2 million. In 2013, Paypal bought Braintree for $800 million and by extension Venmo as well.
Paydiant was a company which enabled Paypal to take on Apple Pay. It acquired the company for $ 280 million in 2015. The product of the company was mobile wallet applications. As a result, it helped it in competing directly competing with Apple Pay.
Xoom Corporation was acquired by people in 2015. The valuation of the company back then was $ 890 million. It was part of eBay. The main aim of Paypal in acquiring this company was to target the emerging economies. Xoom corporation had a significant amount of traction in the emerging markets of India as well as China. It had operations in 70 different countries and was founded in 2001.
Modest was another small acquisition by Paypal. The product of the company was drag and drop the features on the web pages which enabled the merchants to create proper checkout pages. Moreover, it enabled the merchants to create mobile applications quite easily as well.
TIO Networks was acquired by Paypal in 2017. It was a Canadian company and it was acquired for $ 233 million. It had created a cloud-based payment platform which was integrated with Paypal at a later stage.
Swift Financial acquisition was made by Paypal in the year 2017. Paypal paid around $ 183 million for it. The company was founded in 2006. It had given funding to over 20,000 different businesses.
In addition to these, the total number of acquisitions which are made by Paypal in the last 20 years stands at 13. That is why, iZettle is not the only acquisition by Paypal but rather, it is surely the biggest acquisition which Paypal has made till date.