PayPal jumped in premarket trading Wednesday after Stripe and Advent International reportedly made a joint offer to acquire the payments firm in a $53 billion deal.

Payments firm Stripe and private equity company Advent are planning to buy PayPal for $60.50 per share, Reuters reported Wednesday, citing two people familiar with the matter. The deal would value the payments company at more than $53 billion.

The offer was submitted earlier this month and includes roughly $50 billion in committed bank financing, valuing PayPal at a 28% premium to its closing share price on Tuesday, according to the report.

PayPal hasn't responded to the offer, which would see Stripe and Advent jointly own the company and hold equal stakes. The firms are hoping to progress discussions in the coming weeks.

PayPal was last trading 16% higher before the market opened, but its stock has declined 18% in the past year.

Advent International declined to comment on the report. CNBC has reached out to PayPal and Stripe for comment.

Stripe, which is valued at around $159 billion, was reportedly considering buying PayPal in February and was in early discussions at the time.

PayPal has struggled to stand out in an increasingly competitive financial payments landscape. It issued disappointing profit guidance for 2026 at the start of the year, with its full-year adjusted profit expected to range between a low-single-digit percentage decline.

Meanwhile, the company also replaced its former CEO, Alex Chriss this year, who was brought in to turn around the company's poor performance. PayPal's board named HP's Enrique Lores as its new president and CEO.

PayPal is investing heavily to revive its growth, Citi analysts said in a note on July 7, but pointed out that investors are sceptical after "previous turnaround efforts failed to reverse the company's slowdown."