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A Vancouver company that processes payments through a cloud-based system may be bought by PayPal Holdings Ltd.

TSX-listed TIO Networks Corp. handled more than $9 billion in consumer bill payments in its last fiscal year. (All figures in this story are in Canadian currency.)

According to a news release issued by both companies, PayPal has announced a "definitive agreement" to pay $304 million for TIO.

The deal still requires the approval of two-thirds of votes cast at a special meeting of TIO shareholders.

The meeting is expected to take place in April.

Shareholders representing 50.4 percent of the company's equity have already granted approval, including company directors and officers, and funds managed by Core Innovation Capital, Napier Park Financial Partners, Edison Partners, Inter-Atlantic Advisors, and Inductive Capital.

"In addition to TIO securityholder approvals, the transaction is also subject to other closing conditions, including the receipt of approvals relating to TIO’s money transmitter licenses, the expiration or early termination of the applicable pre-merger waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and court approval in British Columbia, Canada," the news release states.

The purchase prise is slightly more than 25 percent above TIO's average value over 90 trading days.

“By acquiring TIO and integrating bill payment into our global payments platform, PayPal adds another key service in our efforts to become a part of a consumer’s everyday financial life," PayPal president and CEO Dan Schulman said in a news release.

He added that two billion people around the world don't have "affordable access to basic financial services".

"TIO’s digital platform, and physical network of agent locations make paying bills simpler, faster, and more affordable," he stated. "We are excited by the opportunity to extend this valuable service to our existing customers and welcome new billers and customers to PayPal."

The chairman and CEO of TIO, Hamed Shahbazi, said that his company's mission "fits perfectly with PayPal's vision to democratize money".