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ebay's PayPal agrees to acquire mobile-wallet startup Paydiant
[SAN FRANCISCO] EBay's PayPal, the digital-payments unit being spun off from the Internet marketplace later this year, agreed to acquire startup Paydiant to broaden its mobile offerings for merchants.
Terms of the deal weren't disclosed. Paydiant, founded in 2010 and based near Boston, helps retailers such as Subway and Harris Teeter Supermarkets Inc. develop mobile-payment options and customer-loyalty programs in their own applications. The transaction is expected to close this month or next, PayPal said Monday in a statement.
The acquisition will let PayPal's customers develop their own branded mobile wallets to increase the use of payments through wireless devices like smartphones, the San Jose, California-based company said. PayPal has been under pressure as rivals such as Apple and Google push into the market with their own mobile-payment apps.
PayPal is paying about US$280 million for Paydiant, Re/code reported earlier Monday. Investors in Paydiant include venture capital firms North Bridge Venture Partners, General Catalyst Partners and Stage 1 Ventures.