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Earthport, a cross-border payments service provider, has partnered with the digital currency network provider Ripple Labs to allow enterprise businesses, including banks, to more efficiently transmit money worldwide.
December 4 -
PayPal, Amazon, Square and American Express have all built new businesses by extending credit to merchants that already rely on their payment networks. Their client relationships give them certain advantages over banks, marketplace lenders and others.
July 1 -
E-commerce and payments companies are edging into the small-business lending territory long dominated by banks. If banks want to stay relevant, they need a simpler, speedier lending process.
June 3
PayPal has
PayPal said it will pay $25 per share in cash, a 32% premium over Xoom's three-month average stock price. PayPal said it will use cash on its balance sheet to pay for the deal, which it expects to be "slightly dilutive" to non-GAAP earnings per share in fiscal 2016.
The deal comes at a time of heavy investment in the fintech sector, as startups flush with venture capital increasingly seek ways to innovate and challenge incumbent players in the heavily regulated financial services industry. A
The deal has been approved by the directors of Xoom, PayPal and eBay, the parent of PayPal. The parties expect the acquisition to close in the fourth quarter.
PayPal is being spun off from eBay, with the move expected to be finalized on July 20.
