PayPal announced today that it has agreed to acquire Braintree, a mobile payment processing payment company that handles transactions in 130 currencies in more than 40 countries. PayPal reportedly paid $800 million for the Chicago-based startup.
David Marcus, the president of PayPal, wrote about the acquisition on the PayPal blog. He explained that Braintree will operate as a separate service offered by PayPal, and will continue to maintain business as usual. Braintree clients include: Airbnb, OpenTable, Uber, and TaskRabbit.
Here is more about the news from Marcus’ blog post:
As a separate service offered by PayPal, Braintree will be able to scale its platform at a rate that is just not possible for a startup. PayPal’s already solved many of the regulatory and logistical hurdles that will help to extend Braintree’s reach to more customers in more markets even faster. Our resources will enable them to push the boundaries of innovation with ambition and confidence for consumers, merchants and developers around the world.