In 2022, PayPal processed more than $20 billion of BNPL payment volume globally, up approximately 160% from 2021. Since launching its first BNPL offering in 2020, PayPal has become an industry leader with its PayPal Pay Later products, issuing more than 200 million loans to over 30 million customers in eight markets around the world. While the concept of split installment payments for consumer purchases has been around for decades and online consumer financing has been a strategic offering of PayPal since 2008, BNPL has dramatically increased in popularity over the past several years. PayPal will remain responsible for all customer-facing activities, including underwriting and servicing, associated with its European BNPL products. Under the terms of the agreement, KKR’s private credit funds and accounts will acquire substantially all the European BNPL loan portfolio held on PayPal’s balance sheet at the close of the transaction and will also acquire future originations of eligible BNPL loans. (NASDAQ: PYPL) and KKR, a leading global investment firm, announced the signing of an exclusive multi-year agreement for a €3 billion replenishing loan commitment under which private credit funds and accounts managed by KKR will purchase up to €40 billion of buy now, pay later (BNPL) loan receivables originated by PayPal in France, Germany, Italy, Spain, and the United Kingdom. PayPal expects to allocate approximately $1 billion to incremental share repurchases this year updated outlook from approximately $4 billion to approximately $5 billion in total share repurchases in 2023.KKR to purchase up to €40 billion of eligible current and future PayPal Pay Later loans originated in Europe.
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