PayPal to acquire Japanese BNPL firm in $2.7b deal

Details: 

• PayPal is boosting its presence in Japan, where it has been focusing on cross-border ecommerce transactions, said the report.
• The payments giant is set to complete the deal in cash in the fourth quarter of the year. Paidy executive chairman Russell Cummer and president and CEO Riku Sugie will continue to lead the startup after the acquisition.

Dive deeper: 

• Paidy is mulling over plans for a public listing later this year, which would come after it raised US$120 million in series D funding in March.
• The BNPL model has recently gained popularity, as it allows buyers to pay for purchases in installments without the need for a credit card. A recent study saw a BNPL boom in Singapore, with 19% of the population above 16 years old saying they have used a BNPL service.

Currency converted from Japanese yen to US dollar: US$1 = 110.29 yen