PayPal ready to spend $3bn a year on acquisitions

PayPal ready to spend $3bn a year on acquisitions

PayPal's recent shopping spree is the new normal, says CEO Dan Schulman, who is ready to pump $3 billion a year into acquisitions.

In May PayPal agreed its biggest ever acquisition, striking a $2.2 billion deal to buy Sweden's iZettle.

In the two months since then, the former eBay unit has also forked out $400 million for e-commerce payout platform Hyperwallet and $120 million on fraud prevention outfit Simility.

The spending frenzy is part of a concerted effort by PayPal to move beyond its roots, extending its reach to all corners of the payments market, becoming a "one-stop solution for global commerce".

In an interview with German business paper Handelsblatt, Schulman has made clear that the spending is not over, saying: "We have a healthy balance sheet and we are ready to put it to work to buy more companies."

And deals even bigger than the iZettle takeover could be on the table: “I wouldn’t rule out that we take on a bigger deal if there’s a good fit for us," he tells Handelsblatt.

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