Mobile payments innovator Paydiant has been acquired by PayPal in a deal believed to be worth $280 million. The acquisition, announced in March, closed today.

A specialist in white-label, cloud-based mobile payment, cardless ATM access, and offer-redemption and -loyalty solutions, Paydiant gives merchants, FIs, and processors the ability to provide and run their own mobile solutions under their own brands.

Welcoming Paydiant to the PayPal family in the company blog, PayPal President and CEO Designee Dan Schulman highlighted the role Paydiant played in helping businesses like Capital One and Subway launch mobile payments and rewards programs. Schulman also reminded readers that Paydiant provides the white-label, mobile platform for MCX’s CurrentC mobile wallet, which is supported by many of the largest retailers in the world, including CVS, Exxon, and Walmart.

According to Schulman, the goal of the acquisition is to offer merchants the opportunity to build their own branded wallets. He explained that this “will accelerate mobile-in-store payments … and drive consumer engagement through loyalty, offers, and the prioritization of preferred payment types, such as store-branded credit cards and gift cards.”

Paydiant was founded in 2010 by Chris Gardner and Kevin Laracey. Headquartered in Wellesley, Massachusetts, the company made its Finovate debut at FinovateSpring 2013 in a joint demonstration with FIS.