For around $800 million, Braintree including its Venmo mobile application will soon become
PayPal’s newest acquisition.
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Since there has been much press about PayPal and Braintree’s plan, leading up to the deal, the announcement does not come as a surprise. As web and mobile payment processing provider for OpenTable, Airbnb, Uber and various other well-known internet brands, Braintree now belongs to PayPal, pending finalization in Q4 2013.
According to David Marcus, PayPal president, in his thoughts about the purchase, “[The] news that we have agreed to acquire Braintree is a great move for both companies.” He goes on to say: “The real winners today are consumers, who can expect to soon enjoy easier, safer, faster, and more innovative ways to pay on more of their favorite apps and at their favorite businesses. Together, I believe PayPal and Braintree will enable merchants and developers to create new mobile experiences that are magical in ways that we can’t even begin to picture today.