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Why PayPal is paying $400 million for Hyperwallet

PayPal Holdings Inc. continued its acquisition spree Tuesday, announcing plans to purchase Hyperwallet, a company that enables payouts to sellers and merchants.

The $400 million deal, which is expected to close in the fourth quarter, is intended to help PayPal PYPL, -1.55% offer more services to marketplaces so they can attract new sellers to their platforms. Hyperwallets specializes in payouts, the sorts of disbursements that ride-sharing companies give their drivers or home-sharing companies give hosts.

“Serving marketplaces is a huge business for us,” PayPal Chief Operating Officer Bill Ready told MarketWatch. PayPal already enables payouts for marketplaces such as Uber and Airbnb, both through PayPal and through bank accounts, but expects the Hyperwallet deal to expand its capabilities.

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