PayPal acquires Japan’s Paidy for $2.7 billion

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PayPal Holdings Inc said on Tuesday it would acquire Japanese buy now, pay later firm Paidy for $2.7 billion in cash.

The acquisition marks PayPal’s attempt 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 said.

The move comes weeks after Twitter Inc co-founder Jack Dorsey’s Square Inc 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.

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