PayPal is buying group payouts platform HyperWallet for $400 million

PayPal is trying to expand the options available at its payments platform to compete with growing competition from banks and tech companies.

HyperWallet offers a platform where e-commerce businesses can easily make payments to independent sellers or contractors. For some businesses this might mean paying fares to drivers. For others it might mean paying out royalties to artists. The platform converts currencies depending on where in the world the payee is located. PayPal will pull those capabilities into its own payments platform, and will immediately be able to offer them in the 200 markets serviced by HyperWallet around the world.

The deal is expected to close in the fourth quarter of this year, and is subject to closing conditions and regulatory approvals.

Hyperwallet has offices in San Francisco, Austin, London, Sydney, and Vancouver. PayPal is headquartered in San Jose, California.