EBay Buying Braintree for $800 Million
EBay announced that it will buy Braintree for $800 million to expedite the use of PayPal in mobile payments. Braintree says it processes more than $10 billion in payments per year, and will continue to function as a separate service within PayPal. “The alignment with PayPal means Braintree can continue to push the boundaries of innovation while expanding into new markets with increased speed and confidence,” says Braintree CEO Bill Ready. “Our current customers and developer community can expect the same level of support and partnership they’ve always enjoyed, coupled with more resources.” Braintree processes $2 billion worth of payments on mobile devices, and it has more than 4,000 merchants as clients across more than 40 nations. Braintree reports that a quarter of its payment volume comes from overseas, and it projects $12 billion in payment processing volume this year, with mobile payments comprising about 33 percent of that volume. Part of the eBay acquisition will include Braintree’s Venmo app, which enables consumers to pay each other via mobile devices.
From “EBay Will Buy Mobile-Focused Payments Processor Braintree for $800 Million”
Internet Retailer (09/26/13) Evans, Katie