PayPal has finalised the acquisition of Honey Science Corporation for approximately $4 billion in cash.
This transaction seeks to transform the shopping experience for PayPal’s consumers while increasing sales and customer engagement for its merchants.
Dan Schulman, president and CEO of PayPal commented: “We’re thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family.
“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.”
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.
Closing the deal continues the payment giant’s positive start to 2020 after it also recently confirmed the expansion of its footprint in South and Latin America, announcing the extension of its partnership with Argentinian eCommerce company MercadoLibre.
As part of that deal, the collaboration will now see users in both Mexico and Brazil, with users now being able to utilise the digital payments giant on an extensive amount of sites in the two regions.
Issuing a statement on Linkedin, PayPal CEO Schulman stated: “Earlier this year, we made a strategic investment in MercadoLibre, one of the largest online commerce and payments ecosystems in Latin America.
“Our two companies share a common vision: we both want to help businesses compete globally, and offer innovative financial solutions to help people who are underserved by the traditional financial system.
“To accelerate this shared vision, I’m pleased to share that we have signed a wide-reaching commercial agreement that will meaningfully drive an increase in our international scope and scale.
“As part of the agreement, PayPal will be made available as a payment option in the Mercado Pago online checkout for people in Brazil and Mexico, which opens the door for PayPal’s 300 million customers to shop at hundreds of thousands of new merchants.”
