Stripe and Advent International launched a joint bid to acquire PayPal valued at about $53bn, offering $60.50 per share, a 28% premium to Tuesday’s close, backed by $50bn in committed bank financing.

The offer, made this month by Stripe founders Patrick and John Collison, is a steep discount to PayPal’s valuation a year ago; PayPal has not engaged, and new CEO Enrique Lores is pursuing a turnaround. Shares have fallen 19% this year and are down 84% from the 2021 peak amid competition from Apple Pay, Shop Pay, and Klarna.

A deal would be transformative for Stripe, valued at $159bn in a February tender, giving it a consumer‑facing checkout brand with over 400mn users. Advent has deep payments experience, previously backing Worldpay, Vantiv and Nexi.

The approach was first reported by Reuters; Stripe has said it is in no rush to list.