As of this week, we’ve officially jumped through all the hoops and completed the many steps that go into closing a major corporate acquisition. So today I’m thrilled to announce that Braintree has officially joined PayPal in our quest to transform the payment industry through groundbreaking innovation that will change the future of money.
Given what’s going on in the industry as we head into 2014, this is an ideal moment to combine the resources of our two great companies. Without question, we’re entering a period of far-reaching disruption that will revolutionize money. We believe that most of this disruption will be driven by innovative payment technologies that make shopping experiences meaningfully faster, easier, more fun, and more personal for consumers, and significantly more valuable for merchants.
Separately, PayPal and Braintree have been at the forefront of a wave of advances that have fueled big changes in how people shopped during the last 12 to 18 months. Together, we believe we offer a combination of scale, experience, business insight and technology talent that positions us to create unprecedented opportunities to accelerate innovation in the months and years ahead.
The long-term potential is endless. But our immediate focus is simple and straightforward. Now that the deal is complete, we’re focused on working together to serve our customers by supporting the great services and solutions that they rely on today while we learn from each other and gain from each other’s strengths.
This is the ideal framework for creating a combined organization that is much more than the sum of its already impressive parts. By maintaining Braintree as a separate service, PayPal will strengthen Braintree’s operations and expand its scope and scale without slowing its ongoing efforts to push the boundaries of what’s possible in mobile-first payments. Venmo, the socially-connected money sharing app, will continue to be supported by PayPal. And PayPal will look to the incredible team of engineers and innovators at Braintree to help us quicken the pace of progress and innovation in our far-ranging efforts in mobile payments.
You’ll see concrete evidence of our progress as Braintree plans to begin offering PayPal as a payment option to its merchant customers in 2014. Having access to both Braintree and PayPal tools and support will also be better and simpler for developers. Many developers are already using both Braintree and PayPal technologies in their mobile apps. For example, we recently announced that Uber is the first Braintree merchant to integrate the new PayPal Mobile SDK.
Looking back, the combination of PayPal and Braintree seems almost inevitable. From the start, it was clear that we share an identical vision for a future where commerce is powered first and foremost by friction-free mobile payment experiences. Looking ahead, we believe it’s clear that the timing that has enabled us to combine forces to make that future a reality couldn’t have been better.
This is why all of us at PayPal and Braintree are excited to roll up our sleeves and get to work together, today.