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PayPal (Nasdaq: PYPL) agreed to acquire Paidy, a Japanese installment payments enabler, for around $2.7 billion.

Why it matters: This sets up a global consolidation spree in the "buy-now, pay-later space," following Square's agreement last month to buy Afterpay for $29 billion.

Bonus: Addi, a Bogota-based "buy-now, pay-later" startup, today announced $75 million in new Series B funding led by Greycroft.

ROI: Paidy has raised $585 million from firms like PayPal Ventures, Arbor Ventures, Visa Ventures, Unusual Ventures, SBI Holdings, Eight Roads, Goldman Sachs, Itochu Corp., JS Capital Management, Tybourne Capital Management, Soros Fund Management and Wellington Management.

The bottom line: "Japan is the third largest e-commerce market in the world, and so this is a significant move by PayPal to gain more market share both in the country and the region, specifically in the area of providing deferred payment services as an alternative to credit cards," TechCrunch's Kate Park writes.

Go deeper

Exclusive: Jupiter Intelligence raises $54 million

Illustration: Annelise Capossela/Axios

Jupiter Intelligence, a climate risk analytics company, has raised a $54 million Series C round, co-led by ClearVision Ventures and MPower Partners.

Why it matters: Climate change threatens to disrupt supply chains, damage or destroy factories, cause mounting insurance losses in extreme weather events, and potentially upend financial markets.

Updated 1 hour ago - Science

Nor'easter slams East Coast with flooding rain and powerful winds

A residential area in Middlesex County as floodwater from the nor'easter covers streets in New Jersey on Tuesday. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

A monster storm was slamming the Northeast with record rainfall and powerful winds over Tuesday night — causing flash flooding that resulted in people having to be rescued in New Jersey and New York roads to close.

Threat level: All of southern New England westward to New York City and northern New Jersey was under the threat of flash flooding and coastal flooding from the nor'easter through Tuesday night into early Wednesday, per the National Weather Service.

1 hour ago - World

Blinken speaks with Sudan prime minister after his release

Sudan's Prime Minister Abdallah Hamdok. Photo: Ebrahim Hamid/AFP via Getty Images

Secretary of State Tony Blinken spoke on the phone on Tuesday evening with Sudan’s Prime Minister Abdalla Hamdok after the military released him from custody.

Why it matters: Hamdok’s release was a result of pressure on Sudan’s military leader General Abdul Fattah al-Burhan from the U.S. and other countries but also from the different political parties in Sudan and massive protests in the streets.