PayPal this week agreed to acquire Hyperwallet, a global payout platform, in a deal worth $400 million in cash.

PayPal said in a press release the acquisition of Hyperwallet enhances its payout capabilities, improving the company's ability to provide an integrated suite of payment products to e-commerce platforms and marketplaces worldwide.

"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," Bill Ready, PayPal's COO, said in a press release. "Merchants and service providers who use these platforms want quick, efficient, flexible and secure access to their earnings, whenever and wherever they need them. By acquiring Hyperwallet, we will strengthen our ability to provide an integrated end-to-end solution to help e-commerce platforms and marketplaces — however large or small — leverage world-class payout capabilities in over 200 markets."

Upon closing, PayPal and Braintree merchants will gain localized, multi-currency payment distribution capabilities in more than 200 markets with numerous disbursement options, including prepaid card, bank account, debit card, cash pickup, check and PayPal.

"We are thrilled to be joining forces with a powerhouse like PayPal," Brent Warrington, Hyperwallet CEO, said in the press release. "Combining Hyperwallet's advanced payout capabilities with PayPal’s scale will bring increased value to both Hyperwallet’s and PayPal’s customers. This is an outstanding opportunity to supercharge Hyperwallet’s growth and further our mission to pay the planet.”

The transaction is expected to close in the fourth quarter of 2018. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.