PayPal Reports Renewed Agreement with KKR for European BNPL Receivables
Summary
On November 11, 2025, PayPal S.à r.l. et Cie, SCA and PayPal UK Ltd entered into a Receivables Purchase Agreement with Alps 2.0 Partners S.à r.l. (as Purchaser) to sell up to €65 billion of UK and European buy now, pay later (BNPL) loan receivables. This new forward-flow arrangement, announced November 17, 2025 (via Ex. 99.1), renews a strategic partnership with KKR, enabling KKR's credit funds to purchase eligible current and future PayPal BNPL loans originated in Europe through March 2028. The transaction is expected to close in the fourth quarter of 2025.
Why It Matters
This renewed agreement with KKR for up to €65 billion in BNPL receivables is a material financial transaction, reflecting the ongoing success of PayPal's European BNPL business and its disciplined approach to balancing growth and capital management.
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Key Quote
“(as Class C Lender) to sell up to €65 billion of UK and European buy now, pay later (BNPL) loan receivables originated by the Seller.”
— From Item 1.01
Filing Details
Reported Items
Additional Information
- CIK Number
- 0001633917
- Filing Date
- Monday, November 17, 2025
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- neutral