The payment company PayPal reached an agreement to buy the Japanese company Paydi for 300,000 yen (2,300 million euros), to be paid mainly in cash, as reported in a statement on Wednesday, September 8.
Paydi is a company specialized in fractioning purchases for users. These companies, rapidly growing in recent months, function as a financier of small consumer loans.
The best-known industry in this sector, Klarna, closed a financing round valued at 45.6 billion dollars (37.5 billion euros) in June.
PayPal explained that this acquisition will increase its “capabilities, distribution and relevance” in the Japanese payment market, which is the third largest e-commerce market in the world.
“The combination of the Paydi brand, capabilities and talented team with PayPal’s experience, resources and global scale will create a strong foundation to accelerate our momentum in this strategically important market,” said PayPal’s Vice President and Chief Executive Officer in Japan, Peter Kenevan.