Report: eBay Inc (EBAY) Nears Deal To Buy Braintree
eBay Inc (NASDAQ:EBAY) is in the final stages of acquiring Braintree Payments Solutions, according to sources with The Wall Street Journal. eBay’s acquisition of Braintree would give their PayPal subsidiary access to data and transaction fees generated by Braintree’s growing network. Braintree processes over $10 billion per year for companies like Airbnb, OpenTable, and Uber. Braintree charges a 2.9% fee plus a 30-cent transaction fee.
Braintree’s Venmo service allows consumers to pay each other for free through an app. Braintree bought Venmo last year for $26.2 million. Founded in 2007, Braintree has raised about $70 million in funding over the past two years from companies like Accel Partners and New Enterprise Associates.
Braintree works with about 4,000 merchants. This is about a third-more than about a year ago.