Investor Relations Contacts Down 63.5% in This Bear Market, Can PayPal Recover in 2023? SAN JOSE, Calif., Jan. 6, 2020 / PRNewswire / -- PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. grabinovitch@paypal.com, Media Relations Contact Thank you for your interest in SpringML. 408.221.1984. Honey co-founders Ryan Hudson and George Ruan. (AP Photo/Jeff Chiu, File), 4 Startup Terms Explained With Analogies A 10 Year Old Would Understand, Five Direct-To-Consumer Trends To Look For In 2023, Gerdau Is Shaping A More Collaborative, Inclusive, And Sustainable Future, Want To Attract Top Talent? About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. acoffee@paypal.com Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. PayPal Holdings (PYPL -2.05%) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. 3. PayPal acquired Honey Science Corporation for $4 billion, its largest acquisition in company history. Create an account to follow your favorite communities and start taking part in conversations. In addition, an archive of the webcast will be accessible for 90 days through the same link. To learn more and join Honey, visit www.joinhoney.com/paypal. Venmo.com Try contacting PayPal support using social media such as Facebook or Twitter as this works more often than telephoning. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. LinkedIn sets this cookie to store performed actions on the website. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. These cookies track visitors across websites and collect information to provide customized ads. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. It also has a competing discount plug-in. JoinHoney.com, Advances PayPal's leadership in digital commerce, Enhances PayPal's value proposition with an extensive set of consumer commerce capabilities, Drives increased sales and conversion for PayPal's merchants, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. HSR Annual Reports; HSR Resources; Early Termination Updates on Twitter; Early Termination Updates by email; Premerger Notification Office Blog Posts; Premerger/HSR Press Releases; Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. 2. Sign up to receive the latest news to your email. Honey has continued to grow and evolve, expanding its suite of products and services to include a mobile shopping assistant, offers and rewards program, and price-tracking tools and alerts. Factors that could cause or contribute to such differences include, but are not limited to, the timing and possible outcome of security holder and regulatory approvals in connection with the transaction, the possibility that the transaction may not close, the reaction to the transaction of Honey's customers and business partners, the reaction of competitors to the transaction, the retention of Honey's employees, PayPal's plans for Honey, economic and political conditions in the global markets in which PayPal and Honey operate, the future growth of PayPal's and Honey's businesses and the possibility that integration following the transaction may be more difficult than expected. PayPal Honey Venmo PayPal Zettle. People Culture Diversity, Inclusion, Equity . On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. PayPal Holdings, Inc. Acquired Party. Contacts Understanding which users are likely to generate more LTV would enable Honey to better target customers with advertising as well as determine how to optimally allocate marketing spend to different user LTV tiers. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Amazon has a beef with the start-up PayPal recently acquired, Honey. What were the success factors? By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. "We're thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family," said Dan Schulman, president and CEO of PayPal. A live webcast of the conference call, together with a slide presentation, can be accessed through the company's investor relations website at https://investor.paypal-corp.com. They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. Long before Honey was purchased by PayPal for $4 billion dollars, we reached out to Ryan, the founder, on Linkedin to see if they could use our service. Similarly, PayPal applies a fix-fee and percentage-fee paid by the vendor for each financial transaction facilitated. In the press release, PayPal stated that the agreement "will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants." The company develops toolsincluding a Chrome browser add-onthat make it easier for consumers to use digital coupons. Honey is amongst the most transformative acquisitions in PayPals history. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding," said Dan Schulman, president and CEO of PayPal. From notifying you when a price drops, to showing you the lowest prices available, Honey provides you with the information that you need to make the best decisions with your money. After all, SaaS companies need extremely healthy gross margins to flourish. PayPal.com Honey is essentially automating coupons, price monitoring, and rewards for customers in a manner that is similar to how other companies are using intelligent automation to engineer and optimize business, interaction, and cognitive processes. Amazon shoppers are a single click away from lower prices on their items of interest. [7] [8] [9] Nearly immediately after PayPal acquired Honey, Amazon claimed to its users that the extension was a security risk that sold personal information. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. From notifying you when a price drops, to showing you the lowest prices available, Honey provides you with the information that you need to make the best decisions with your money. ET Judging by its largest acquisition ever, PayPal believes it can capture. Honey will accelerate its growth by driving adoption among PayPal and Venmo's more than 275 million active consumer accounts and sourcing exclusive offers from PayPal's extensive network of 24 million merchant accounts. The combination of Honeys complementary consumer products with our platform will significantly enhance our ability to drive engagement and play a more meaningful role in the daily lives of our consumers. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world., Combining PayPals assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants, said Hudson. The Honey browser extension helps save you money at or get Honey Gold (cash back in gift card form) from 40,000+ online retailers. Founded. [6] On January 6, 2020, it was acquired by PayPal for about $4 billion. Most importantly, it helps consumers past that important question, am I getting a good deal? The concept of loyalty, cash back, and coupons is not new to performance marketing, but both consumers and advertisers have been looking for an alternative to the status quo.. PayPal and Amazon haven't historically worked closely together. Gabrielle Rabinovitch With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. "The addition of Honey to our platform enables a significant step forward in our commitment to provide powerful services and tools for merchants and consumers, move beyond our core checkout proposition and significantly enhance the shopping experience for our 300 million consumers and merchants.". Image source: PayPal Holdings. Image source: PayPal Holdings. SAN JOSE, Calif., Jan. 6, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. More unfamiliar is Honey's mobile app, which launched earlier this year. Honey will accelerate its growth by driving adoption among PayPal and Venmos more than 275 million active consumer accounts and sourcing exclusive offers from PayPals extensive network of 24 million merchant accounts. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. PayPal for You. JoinHoney.com. More information about these and other factors that could adversely affect PayPal's results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC"), and its future filings with the SEC. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Honey's customer base also matches up nicely with Venmo users. which answers most questions. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. When Punch started working with Honey, we immediately implemented financial operations that could scale with them. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. The forward-looking statements contained in this announcement speak only as of the date hereof. This can then be expanded to other stages with similar patterns of usage. Granted. SAN JOSE, Calif., Jan. 6, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4. Interestingly, PayPal management hinted that Honey's business model might change post acquisition as the company thinks through different ways to monetize personalized offers and user engagement. SAN JOSE, Calif., Jan. 6, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. Factors that could cause or contribute to such differences include, but are not limited to, the reaction to the transaction of Honey's customers and business partners, the reaction of competitors to the transaction, the retention of Honey's employees, PayPal's plans for Honey, economic and political conditions in the global markets in which PayPal and Honey operate, the future growth of PayPal's and Honey's businesses and the possibility that integration following the transaction may be more difficult than expected. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . I recently got charge a $17 charge I was wondering if anyone knew why and if it'll be reoccurring. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Investor Relations Contacts To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The Motley Fool has a disclosure policy. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. "The combination of Honey's complementary consumer products with our platform will significantly enhance our ability to drive engagement and play a more meaningful role in the daily lives of our consumers. PayPal.com Intermediaries for a Win-Win transaction PayPal cannot earn the transactional fee if the buyer does not complete a purchase. Honey adopts a future-forward model of automation and analytics. In fact, Honey repeatedly said that they werent actively looking for accounting help, but deep down the founder knew they probably needed it. Honey earns its commission from stores when customers use its platform to make a purchase. Visit www.joinhoney.com to shop smarter. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. More information about these and other factors that could adversely affect PayPals results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC"), and its future filings with the SEC. The Los Angeles based company was incorporated in 2012. "The addition of Honey to our platform enables a significant step forward in our commitment to provide powerful services and tools for merchants and consumers, move beyond our core checkout proposition and significantly enhance the shopping experience for our 300 million consumers and merchants.". "We're thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family," said Dan Schulman, president and CEO of PayPal. The company does not sell users' data and does not track search engine or browser history or email usage on sites that are not retail-related. Honey Co-founders George Ruan and Ryan Hudson will continue to lead the Honey team as part of PayPal's global consumer product and technology organization, reporting to Senior Vice President John Kunze. I am a bot, and this action was performed automatically. from 8 AM - 9 PM ET. About Honey If you experience any issues with this process, please contact us for further assistance. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.