18 August 2017
visit www.avoka.com

PayPal moves into bill payments with TIO acquisition

15 February 2017  |  5332 views  |  0 Check close up

PayPal is looking to steal a march on financial services firms in the underbanked bill payment space by acquiring North American processor TIO for $233 million.

Vancouver-based TIO serves underbanked customers through a network of 900 unmanned kiosk and across 65,000 retail walk-in locations as well as online and mobile. The company has 10,000 supported billers and processed more than $7 billion in consumer bill payments in fiscal 2016 from 14 million consumer bill pay accounts.

The all-cash deal represents a premium of 22.6% to the 20-trading day volume-weighted average price from 9 January when negotiations commenced.

Dan Schulman, president and CEO of PayPal, says: “By acquiring TIO and integrating bill payment into our global payments platform, PayPal adds another key service in our efforts to become a part of a consumer’s everyday financial life. Worldwide, more than 2 billion people do not have affordable access to basic financial services, making it difficult and expensive for consumers to carry out basic financial tasks, including bill payment. TIO’s digital platform, and physical network of agent locations make paying bills simpler, faster, and more affordablel.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

PayPal builds Slack P2P payments bot

PayPal builds Slack P2P payments bot

07 February 2017  |  10032 views  |  0 comments | 24 tweets | 15 linkedin
PayPal sends cash with Siri

PayPal sends cash with Siri

10 November 2016  |  8825 views  |  2 comments | 30 tweets | 43 linkedin
Facebook Messenger adds PayPal support for bot payments

Facebook Messenger adds PayPal support for bot payments

24 October 2016  |  11114 views  |  0 comments | 30 tweets | 25 linkedin
PayPal targets the high street through MasterCard deal

PayPal targets the high street through MasterCard deal

06 September 2016  |  7995 views  |  8 comments | 18 tweets | 11 linkedin
Rivals Visa and PayPal set out on 'new path'

Rivals Visa and PayPal set out on 'new path'

21 July 2016  |  11487 views  |  2 comments | 8 tweets | 18 linkedin
PayPal leads $30m round in spare change investment app Acorns

PayPal leads $30m round in spare change investment app Acorns

21 April 2016  |  10644 views  |  1 comments | 19 tweets | 11 linkedin
PayPal partners Village Capital to back financial inclusion startups

PayPal partners Village Capital to back financial inclusion startups

08 March 2016  |  5857 views  |  0 comments | 15 tweets | 5 linkedin
Frictionless payments driving growth at Facebook and PayPal

Frictionless payments driving growth at Facebook and PayPal

28 January 2016  |  11795 views  |  0 comments | 33 tweets | 21 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7590 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7280 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6011 views 1 | 5 tweets | 3 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
5952 views comments | 10 tweets | 7 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5836 views comments | 11 tweets | 9 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job