PALO ALTO, Calif. PayPal Inc., the leading provider of person-to-person Internet payments, announced that it has closed a $90 million round of equity financing, funded mostly by European and Asian financial services companies.
The participating companies, which include ING Group, Providian Financial, Credit Agricole of France, Bankinter of Spain, and eBank a joint venture of Sumitomo Corp., Itochu Corp., and Hitachi Ltd. said Tuesday that they intend to help PayPal expand its service internationally.
PayPal already operates in 26 countries and has more than 6.5 million members who send more than $7 million over the Internet daily.
The three-year-old company raised $100 million in a previous round, announced April 5, 2000. It has raised a total of about $225 million in financing.
Vincent Sollitto, vice president of corporate communications, said PayPal was encouraged that it raised almost as much as it did in April, since investors have largely soured on Internet initiatives.