PayPal snaps up Japanese buy now, pay later firm Paidy for $2.7 billion
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© Reuters. FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch
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(Reuters) -PayPal Holdings Inc said on Tuesday it would acquire Japanese buy now, pay later firm Paidy for $2.7 billion in cash, as the U.S. payments company looks to expand its reach in the Asian country.
Paidy’s Founder and Chairman Russell Cummer and President and Chief Executive Riku Sugie will continue to hold their roles at the company, PayPal (NASDAQ:PYPL) said.
The move comes weeks after Twitter Inc (NYSE:TWTR) co-founder Jack Dorsey’s Square Inc (NYSE:SQ) announced its plans to buy Australia-based BNPL firm Afterpay Ltd for $29 billion.
The Financial Times in August had reported that Paidy was considering to become a publicly listed company.