As per the agreement, KKR’s private credit funds and accounts will acquire substantially all of PayPal’s European BNPL portfolio (including France, Germany, Italy, Spain and the UK) at close of transaction, along with future originations of eligible BNPL loans.
The companies say PayPal will be responsible for all the customer-facing activities of the products, including underwriting and servicing.
“Buy now, pay later has become a major asset to PayPal’s checkout experience, driving engagement, payment volume growth, and repeat use while delivering high-value customers to our merchants,” says Gabrielle Rabinovitch, senior vice president, acting chief financial officer at PayPal.
