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eBay Buys PayPal Mobile Competitor Braintree for $800M

by Jacob Kleinman | September 26, 2013September 26, 2013 10:30 am PST

Braintree Logo

eBay announced today that it will acquire Braintree, a company focused on mobile payments, for $800 million. Though Braintree and its popular app Venmo will remain as a standalone business, the company’s CEO Bill Ready will now report to PayPal President David Marcus.

Braintree’s software powers a number of popular online services and apps, including Uber, Airbnb, TaskRabbit and OpenTable. The company’s mobile app, Venmo, lets users easily transfer money and make payments while also offering social media integration.

eBay acquired PayPal in 2002, integrating its payment service into the online auction site in an effort to make the website easier for customers to use. With Braintree, the company will likely improve its mobile service while also offering more resources for its community of developers.

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Jacob Kleinman

Jacob Kleinman has been working as a journalist online and in print since he arrived at Wesleyan University in 2007. After graduating, he took a...