PayPal signs €65B BNPL receivables sale agreement with KKR through March 2028

PayPal Holdings, Inc.

Up to €65B of UK and European BNPL loan receivables to be sold to KKR over 28-month commitment period.
Covers France, Germany, Italy, Spain, UK; expected to close in Q4 2025.
PayPal will continue underwriting and servicing; balance-sheet-light model supports capital return.
Agreement already incorporated in PayPal's Q4 and FY2025 guidance issued October 28, 2025.
Follows initial 2023 partnership; KKR credit funds to purchase majority of European BNPL receivables.

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