PayPal move from US investment fund

US-based investment fund Kohlberg Kravis Roberts (KKR) will reportedly take over up to 40 billion euros of "buy now, pay later" (BNPL) loans from online payment system PayPal in Europe. It has been reported that US-based investment fund Kohlberg Kravis Roberts (KKR) will buy up to 40 billion euros of "buy now, pay later" (BNPL) loans from online payment system PayPal in Europe. PayPal announced that an agreement has been signed with KKR for the purchase of PayPal's 40 billion euros of European BNPL loan portfolio in France, Germany, Italy, Spain and the UK. The sale is expected to be completed in the second half of this year. The statement also stated that once the sale is completed, PayPal will allocate an additional $1 billion to share buybacks in 2023. Thus, PayPal plans to buy back a total of $5 billion in shares this year. PayPal also said in a statement that the company has provided more than 200 million loans to more than 30 million customers globally since launching its BNPL service in 2020. “Buy now, pay later” (BNPL) is a type of loan that splits the payment for a consumer product purchase into multiple installments spread over several weeks or months. PayPal’s BNPL service offers payment plans of up to 24 months.