23 October 2017
visit www.atos.net

PayPal moves into bill payments with TIO acquisition

15 February 2017  |  5549 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  |  10287 views  |  0 comments | 24 tweets | 15 linkedin
PayPal sends cash with Siri

PayPal sends cash with Siri

10 November 2016  |  9090 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  |  11352 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  |  8381 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  |  12454 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  |  10906 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  |  6013 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  |  11987 views  |  0 comments | 33 tweets | 21 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19346 views comments | 28 tweets | 42 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15163 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10975 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9016 views comments | 14 tweets | 28 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job