PayPal takes aim at banks with new acquisition

Feb15

by Sindy Cator on February 15, 2017 at 12:20 am

Soon it may not be necessary to have a bank account to make payments with PayPal. PayPal and TIO Networks announced today that PayPal would be acquiring TIO for $233 million. With this acquisition, PayPal accesses TIO’s 14 million customer accounts, and a network of agents, including Global Express, ACE Cash Express, and Moneygram. TIO is a bill-payment processing service for those who don’t necessarily use bank accounts for their financial transactions. With its API, you can pay your utility and telecom bills from your phone, computer, or a self-service kiosk without having to go through a bank. Dan Schulman, CEO of…