Hyperwallet to Power Payments for Lime’s Gig Workers

Global payout provider Hyperwallet is helping citizens scoot through the streets– that is, helping the freelancers that keep users scooting through the streets get paid. The PayPal-owned fintech announced today that it has agreed to power outbound payments for Lime, the scooter and bike rental startup that aims to reduce reliance on cars for short-term trips.

Lime, which has scooter rental operations in 100 cities across the globe, is leveraging Hyperwallet to help its network of freelancers (a community Lime calls Juicers) receive payment for keeping Lime’s fleet of scooters charged. Brent Warrington, Hyperwallet’s General Manager, commented on Lime’s “creative business model,” saying that it “provides a new, flexible earning opportunity for individuals.” With Hyperwallet, the Juicers get paid on a daily basis.

“Hyperwallet’s platform gave us the functionality we needed to scale quickly and offer our Juicer community fast and convenient payouts,” explained Ryan Foutty, Global Head of Business Development at Lime. “This partnership has allowed us to launch our business in new markets and deliver a great localized experience for Juicers all over the world. We are excited about expanding our collaboration with Hyperwallet in the coming months.”

Austin-based Hyperwallet fit the bill for Lime’s list of specific requirements, which included sending fast payments, facilitating local disbursements to multiple geographies, and allowing Juicers to receive payouts using their preferred method. “Hyperwallet’s platform has helped add value to our Juicer program by giving us the ability to offer fast, efficient, self-service payment disbursements,” added Foutty.

Founded in 2000, Hyperwallet most recently presented at FinDEVr Silicon Valley 2016. At the event, Bill Crowley, Chief Product Officer, and Blair Olynyk, Software Architect, gave a presentation titled, Pay the Planet: Implementing Frictionless Global Payout Distribution.

PayPal acquired Hyperwallet last November for $400 million. The company, which was founded in 1998 and has a market capitalization of $138 billion, showcased its Instant Account Creation feature at FinovateFall 2012. 

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Hyperwallet Sells to PayPal for $400 Million

Eighteen years after its launch, merchant payout platform Hyperwallet is receiving a payout of its own, to the tune of $400 million. The California-based company sold to payments pioneer PayPal this week, marking PayPal’s fifth acquisition in the past two years and its 16th total.

Hyperwallet helps businesses with mass payouts for earnings, commissions, and royalties payments and is best known for supporting payments in the gig economy. Some of the company’s more notable clients include HomeAway, Tilr, and Scentsy. In a blog post, Hyperwallet CEO Brent Warrington said, “Combining forces with PayPal will not just enhance our payout solutions but enable us to provide an integrated suite of payment capabilities to ecommerce platforms and marketplaces almost anywhere in the world.”

PayPal already has a solid foothold in the mass payout market, serving players such as Uber, Airbnb, and eBay. However, the company notes the acquisition will help it provide PayPal and Braintree merchants with “a comprehensive payments solution, including Hyperwallet’s 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.”

The deal is expected to close in Q4 of this year. After the acquisition is finalized, the Hyperwallet team will report to Braintree General Manager Juan Benitez.

Hyperwallet most recently presented at FinDEVr Silicon Valley 2016, where Bill Crowley, Chief Product Officer, and Blair Olynyk, Software Architect, gave a presentation titled, Pay the Planet: Implementing Frictionless Global Payout Distribution. Earlier this spring, Hyperwallet teamed up with Lyric Financial to bring advance royalty payments to artists. Last December, the company opened its first Asia Pacific office in Australia and soon after began offering disbursements from Amazon’s Australia marketplace.

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Hyperwallet’s Partnership with Lyric Brings Advance Royalty Payments to Artists

Mass payout platform Hyperwallet has teamed up with Lyric Financial, a financial services provider specializing in royalty advances and loans for musical artists.

In the press release, Hyperwallet CEO Brent Warrington explained that recording artists face a struggle of income unpredictability. “Our job as a global payout platform is to help change the way these folks get paid, ultimately ensuring financially vulnerable workers have quick, efficient, and secure access to their earnings, whenever and wherever they need them,” he added.

Hyperwallet’s payout solution is scalable and allows users to get paid in real-time. This is valuable to Lyric clients, who will benefit from faster, more efficient royalty payment advances that help smooth out irregular and delayed payouts for their work. “Powering our royalty payment disbursement platform with Hyperwallet has not just improved the speed of distribution, but has also further increased visibility into the process for our payees,” said Eli Ball, Lyric Financial CEO.

Since Hyperwallet facilitates low-cost bank transfers across almost a dozen countries, including India, Russia, Brazil, and Indonesia, the partnership will also help Lyric support its growing roster of global clients. Ball added, “It’s reassuring knowing that the Hyperwallet network can easily enable us to expand our local payouts across 100+ countries quickly and easily.”

Hyperwallet most recently presented at FinDEVr Silicon Valley 2016, where Bill Crowley, Chief Product Officer, and Blair Olynyk, Software Architect, gave a presentation titled, Pay the Planet: Implementing Frictionless Global Payout Distribution. Last December, Hyperwallet began supporting payouts from Amazon’s Australia marketplace. Hyperwallet was founded in 2000 and is headquartered in Austin, Texas.

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