Tebo has announced that it has acquired the majority stake in the world’s second-largest credit card provider, Paypal, and plans to increase its presence in the sector by acquiring other card issuers and partners.
The move comes as the company continues to improve its customer service and customer satisfaction, with the CEO and chairman of Tebo saying that the company has improved its customer satisfaction and the quality of its service by acquiring companies that are providing the best customer service.
“Tebo has made significant progress in its customer support and customer service capabilities over the past year,” Tebo CEO and Chairman Takashi Murakami said.
“This is due to the strong relationships Tebo have developed with customers in the financial services sector, as well as the ability of its team members to understand the needs of the customer and tailor solutions to their individual needs.”
The company is also adding additional features to its products, such as online banking, to help customers manage their credit card debts and make payments.
“This includes adding more convenient features to our payment system to help users save money, as we are currently offering new services and offering new features to increase our ability to meet our customers’ needs and requirements,” Murakama added.
According to Murakamami, the Tebo-Paypal transaction will not be completed for two more years.
“It is not possible to say whether this acquisition will be completed in the current financial year, which will be April 2019,” he said.
The acquisition comes after Tebo and Paypal announced in May that they would close their financial services operations, and they had been in negotiations with each other for two years.
Tebo had said that the deal was contingent on an agreement between the companies.
“If we do not have an agreement, we will consider other options,” Murapamami said, referring to the possibility of a potential bankruptcy.
Tebow has said that he plans to use the cash to fund a charity and pay his bills.