These include a number of software development kits (SDKs), a sandbox testing environment, reporting solutions, and more. Brands like fraud detection tool Simility, point-of-sale solution Zettle, and payment system Braintree are targeted at business accounts.įinally, PayPal offers products for developers to work with PayPal APIs. The company also provides similar services for enterprise clients, but on a much larger scale. For small-to-medium businesses, PayPal offers solution s for accepting online and in-person payments, detecting fraud, taking credit card payments, growing their customer base, and more. On the business and merchant side, PayPal structures its product lines by company size. Many of these are available through the PayPal mobile app. In addition, PayPal offers PayPal Credit and prepaid cards, cashback rewards, buy now, pay later options, direct deposit services, bill pay, and other tools for everyday consumers. Brands geared toward individual consumers include automatic coupon site Honey, mobile payment app Venmo, and money transfer service Xoom. PayPal provides a number of products and services for individuals, businesses, and developers. As of September of 2021, PayPal had 416 million active accounts and was processing nearly 37,000 transactions every minute. The company employs more than 27,700 people and earned annual revenues in excess of $24 billion in 2021. Today, PayPal is headquartered in San Jose, California and helmed by CEO Dan Shulman. The company made its largest acquisition to date in January of 2020, purchasing e-commerce-focused browser extension Honey for $4B. Other notable examples include Swift Financial in 2017 and iZettle, Hyperwallet, and Simility in 2018. The following years were marked by a number of acquisitions, beginning with international money transfer company Xoom in 2015.
In 2015, eBay spun PayPal off as its own publicly-traded company ( NASDAQ: PYPL ). In addition, PayPal grew their merchant services, introducing PayPal Working Capital and acquiring Braintree in 2013.
In 2012, the company announced a partnership with Discover Card that would give customers the option to pay with PayPal where Discover Card was accepted. Another strategic initiative was the introduction of PayPal as a payment option in brick-and-mortar stores. The business also began to expand their product offerings, particularly around security and identity protection. Soon afterward, however, eBay went ahead and acquired PayPal for $1.5B.Īs a subsidiary of eBay, the company grew rapidly, with approximately one in four auction transactions closing via PayPal. This success drove the company’s IPO in 2002. PayPal quickly became the payment option of choice among shoppers and sellers on eBay, the wildly popular online auction site. The name change happened after Confinity merged with X.com, Elon Musk’s financial services company. In 1998, Peter Thiel, Max Levchin, and Luke Nosek founded Confinity, the digital wallet that would later become PayPal.
The company encompasses several brands, including Venmo, Xoom, and Honey, and has partnered with several other well-known global financial organizations, such as Visa, Bank of America, JPMorgan Chase, and Wells Fargo, to increase their reach and customer base. is an online payments and financial services company that has powered virtual transactions for more than 20 years.
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