PayPal has agreed to acquire global payout platform Hyperwallet for $400 million in cash.

The deal enhances PayPal’s payout capabilities, improving its ability to provide an integrated suite of payment solutions to e-commerce platforms and marketplaces around the world, according to a statement.

“E-commerce platforms and marketplaces are leveling the retail playing field by connecting buyers who have specific needs with groups of sellers that can meet them,” said Bill Ready, chief operating officer at PayPal.

“By acquiring Hyperwallet, we will strengthen our ability to provide an integrated end-to-end solution to help ecommerce platforms and marketplaces - however large or small - leverage world-class payout capabilities in over 200 markets.”

PayPal and Braintree merchants will gain localised, multi-currency payment distribution capabilities with numerous disbursement options, including prepaid card, bank account, debit card, cash pickup and cheques.

The transaction is expected to close in the fourth quarter of 2018, subject to regulatory approvals.

PayPal’s has been active in the market this year, with a $2.2 billion agreement to buy payment hardware firm iZettle in May, following a strategic partnership with Barclays in April.

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