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PayPal closes in on Braintree acquisition - WSJ

23 September 2013  |  8774 views  |  0 Buy Road sign

PayPal is close to securing a deal to buy Chicago-based payments start-up Braintree as it seeks to crack the growing mobile commerce market, according to the Wall Street Journal.

Citing people "familiar with the discussions", the WSJ says that an agreement is near, although no financial details are known and talks could still fall through. Braintree and PayPal owner eBay have both refused to comment.

Founded in 2007, Braintree enables online and mobile businesses to accept card payments. The firm processes more than $10 billion in payments annually for over 4000 merchants, including Github, Shopify and Angry Birds creator Rovio.

In October the company raised $35 million in a series b financing round led by New Enterprise Associates, taking total funding to $70 million.

Last year it also paid $26.2 million for Venmo, which stores users' card details so that they can pay with a single click for in-app purchases at partner merchants. The firm now powers over $2 billion a year in mobile payments.

PayPal Nears Deal for Braintree Payments - WSJ

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