Ebay's PayPal, a leading company for online transaction with 132 million active accounts has acquired Braintree for mobile payments solution since more consumers are now buying on mobile. Chicago-based Braintree provides web and mobile payments processing for companies like OpenTable , Airbnb, Uber and Fab. With Braintree, a customer of Uber or Fab can make repeated purchases on a mobile app with one click without having to keep entering payment information or re-authorizing through PayPal.
“Braintree is a perfect fit with PayPal,” said eBay CEO John Donahoe in a statement. “Bill Ready and his team add complementary talent and technology that we believe will help accelerate PayPal’s global leadership in mobile payments.”
Braintree expects to process $12 billion in payments this year. Braintree’s Venmo unit, which it acquired, powers mobile payments for 40 million people across a number of mobile apps. Braintree also has broad international reach, with merchants in 40 countries accepting payments in 130 currencies.
Braintree had raised about $69 million in venture funding from Accel Partners, Greycroft Partners, New Enterprise Associates and RRE Ventures.
EBay expects the transaction to close in the fourth quarter of this year.
