Online payment pioneer PayPal set its sights on bill payment when it proposed on Valentine’s Day to TIO Networks. PayPal will acquire the Vancouver, British Columbia-based bill payment company for $233 million. PayPal inherits 14 million consumer bill pay accounts with the deal and will support TIO Networks’ 10,000 billers across North America. The company also has 65,000 walk-in locations, 900 self-serve kiosks and focuses on “financially underserved” consumers.
“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,” said Dan Schulman, president and CEO of PayPal. “TIO’s digital platform and physical network of agent locations make paying bills simpler, faster and more affordable. We are excited by the opportunity to extend this valuable service to our existing customers and welcome new billers and customers to PayPal.”
PayPal said it will integrate TIO’s service into its platform and offer it to its existing customers within PayPal. The companies expect the transaction to close in the second half of 2017.