Wednesday, August 19, 2015

Payment Platform PayPal Acquires Mobile Ecommerce Platform Modest

Payment platform PayPal has acquired mobile ecommerce startup Modest. This is Paypal's first ever acquisition since it become a standalone company. Financial terms of the deal were not disclosed

Founded in 2012 by Harper Reed and Dylan Richard, Modest helps merchants create mobile apps for their stores. It offers an end-to-end experience that makes selling on any platform easier and simpler. The company also provides to help merchants embed buy buttons within their own apps, and other areas, including emails. 

PayPal plans to leverage Modest capabilities to tackle contextual commerce. A new exciting opportunity for PayPal, representing a new category for ecommerce that is growing fast. 

Months before its split with ecommerce giant eBay (parent company), PayPal made two important acquisitions. First with payments technology firm Paydiant for $280 million, and just last month, it acquired money transfer company Xoom for $890 million. 

Under the terms of the deal, Harper Reed, Dylan Richards and their other 18 employees will join Chicago-based Braintree (which acquired  by PayPal in 2013 for $800 million). 

Headquartered in San Jose, California, PayPal is an American company operating a worldwide online payments platform. PayPal's platform serves as electronic alternatives to traditional paper methods like checks and money orders. It operates as an acquirer, which it performs payment processing for online vendors or businesses. PayPal was founded in 1998, It made its IPO in 2002 and became a wholly owned subsidiary of eBay. Currently, the company operates in 203 markets and has 159 million active users. 

Image Credit: GazeteNY

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