---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-284822"
form_type: "8-K"
ticker: "PYPL"
cik: "0001633917"
company_name: "PayPal Holdings, Inc."
filed_at: "2025-11-17T23:59:59+00:00"
generated_at: "2026-05-16T19:16:49.024887+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-284822
- form_type: 8-K
- ticker: PYPL
- cik: 0001633917
- company_name: PayPal Holdings, Inc.
- filed_at: 2025-11-17T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1633917/000119312525284822/0001193125-25-284822-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1633917/000119312525284822/d93754d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-284822
- JSON: https://secwatch.observer/filing/0001193125-25-284822.json
- Plain text: https://secwatch.observer/filing/0001193125-25-284822.txt

## Key facts
- Debt Financings
  PayPal Holdings, Inc. entered an off-balance-sheet arrangement for loan of up to €65 billion with Alps 2.0 Partners S.à r.l. maturing 28-month commitment period.
  - Instrument: loan
  - Principal: up to €65 billion
  - Counterparty: Alps 2.0 Partners S.à r.l.
  - Maturity: 28-month commitment period
  - Event: off balance sheet
  source text: On November 11, 2025, PayPal (Europe) S.à r.l. et Cie, SCA (as Seller and a Receivables Manager) and PayPal UK Ltd (as a Receivables Manager and collectively with PayPal (Europe) S.à r.l. et Cie, SCA, the Receivables Managers) entered into a Receivables Purchase Agreement with Alps 2.0 Partners S.à r.l. (as Purchaser), BNY Mellon Corporate Trustee Services limited (as Security Agent), Avega S.à r.l. (as Back-Up Receivables Manager Facilitator) and Alps 2.0 Partners (Holding) S.à r.l. (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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1633917/000119312525284822/0001193125-25-284822-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.