PayPal ready to spend $3bn a year on acquisitions
Wednesday, July 11, 2018
In May PayPal agreed its biggest ever acquisition, striking a $2.2 billion deal to buy Sweden's iZettle.
In the two months since then, the former eBay unit has also forked out $400 million for e-commerce payout platform Hyperwallet and $120 million on fraud prevention outfit Simility.
The spending frenzy is part of a concerted effort by PayPal to move beyond its roots, extending its reach to all corners of the payments market, becoming a "one-stop solution for global commerce".
In an interview with German business paper Handelsblatt, Schulman has made clear that the spending is not over, saying: "We have a healthy balance sheet and we are ready to put it to work to buy more companies."
And deals even bigger than the iZettle takeover could be on the table: “I wouldn’t rule out that we take on a bigger deal if there’s a good fit for us," he tells Handelsblatt.