Great for questions about PayPal, transactions and problems! Forward-Looking Statements Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. Sign up to receive the latest news to your email. For more information, visit paypal.com. PayPal closes $4bn Honey acquisition. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.". Contacts Amazon has a beef with the start-up PayPal recently acquired, Honey. By January 2018, Honey raised a total of $40.8 million in venture backing. The Motley Fool has a disclosure policy. Honey's plug-in has been compatible with Amazon since it hit the market roughly seven years ago. While it paid a high price for Honey Science, the potential created from the two entities' synergies is clear and feasible. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", expect", "project, "forecast", or "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. PayPal and Amazon haven't historically worked closely together. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. The extension essentially travels with shoppers as they browse different shopping sites. Honey charges retailers between 0.5%to 10% of the sales using the coupons the app found. Isn't honey supposed to be free? 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. 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. ET Judging by its largest acquisition ever, PayPal believes it can capture. The company develops toolsincluding a Chrome browser add-onthat make it easier for. Customers who have buried themselves in pages of Google search results in the past looking for working promo codes can now instantly identify and apply them using Honey. Many payment companies are looking to move beyond the checkout by providing value-added services to consumers and merchants in order to avoid a race to the bottom.. grabinovitch@paypal.com, Media Relations Contact When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. Honey's customer base also matches up nicely with Venmo users. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. 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. Josh Criscoe Honey will enable PayPal to reach consumers at the beginning of their shopping journeys and will enhance PayPals ability to help merchants acquire and convert consumers by delivering offers that are personalized, timely, and optimized across channels. (AP Photo/Jeff Chiu, File). By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. LinkedIn sets this cookie to remember a user's language setting. grabinovitch@paypal.com, Media Relations Contact Visit. "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. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", expect", "project, "forecast", or "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions. Schulman states that almost 40% of all e-commerce transactions are triggered by an outside event, such as a personalized offer or limited-time deal. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. (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? This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. 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. Josh Criscoe This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . jcriscoe@paypal.com 646.667.5065, Amanda Coffee Honey earns its commission from stores when customers use its platform to make a purchase. 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. I am a bot, and this action was performed automatically. If you experience any issues with this process, please contact us for further assistance. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. The acquisition is a pure data play and the power of data for personalization cannot be underestimated, which is why Im not surprised by the massive price tag on this acquisition, said Sudheesh Nair, who is the CEO of ThoughtSpot. 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. 2023 CNBC LLC. After all, SaaS companies need extremely healthy gross margins to flourish. 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PayPal Honey Venmo PayPal Zettle. 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. Yet more players continue to crowd the space, most notably from Apple Pay, Square's Cash App, and Zelle. 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. Customers automatically find and apply coupon codes when they visit any one of over 30,000 retail websites. Learn More. To learn more and join Honey, visit www.joinhoney.com/paypal. Honey makes a commission off each sale and has ushered in 17 million users. Honey Science Corporation provides Honey, an online service that automatically finds coupon codes for the website users are shopping at and apply them to their order when they check out, saving money and coupon searching time. "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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. As consumers shop online, Honey scours promo codes and better deals elsewhere for the same products, ensuring its users always find the best prices. PayPal Holdings (PYPL -2.05%) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. Visit www.joinhoney.com to shop smarter. About PayPal 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. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. The combination will help accelerate growth across both companies. When Punch started working with Honey, we immediately implemented financial operations that could scale with them. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. Amid ad delivery issues, market saturation, etc., cost per user acquisition tends to fluctuate on the independent channel level. Granted. Forward-looking statements and information relate to future events and future performance and reflect PayPal's expectations regarding the impact of this transaction on PayPal's and Honey's financial and operating results and business, the operation and management of Honey after the acquisition, and the timing of the closing of the acquisition. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. 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. Honey gives PayPal the capability, through its various price-tracking and coupon-aggregation tools, to give consumers notifications when items they are watching go on sale or when they receive a personalized offer from one of their favorite sellers. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. You may opt-out by. Read more. 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.. acoffee@paypal.com The Los Angeles based company was incorporated in 2012. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. "Our goal is to warn customers about browser extensions that collect personal shopping data without their knowledge or consent such as customer name, shipping and/or billing address and payment method from the checkout page," an Amazon spokesperson told CNBC. Visit www.joinhoney.com to shop smarter. PayPal.com The forward-looking statements contained in this announcement speak only as of the date hereof. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. 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. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. Founded. Your file is ready for download. Thank you for your interest in SpringML. ", "Honey tracks your private shopping behavior, collects data like your order history and items saved, and can read or change any of your data on any website you visit," the message, which was posted on Twitter by multiple users, said. Investor Relations Contacts We'll assume you're ok with this, but you can opt-out if you wish. Our commitment is clearly spelled out in our privacy and security policy. 06 January 2020. ", "We only use data in ways that directly benefit Honey members helping people save money and time and in ways they would expect. To build this platform, the company raised a relatively small amount of venture capital:$49 million. Honey also collects data from its users that might prove to be valuable to PayPal. They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. November 21, 2019, 5:41 AM PayPal Holdings, Inc. PYPL has acquired Honey Science Corp. for a hefty amount of about $4 billion in a bid to expand beyond the core payments business. This appears to be Amazon's first public warning about Honey's security concerns. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Buy Now, Pay Later; Deals and Cash Back; . [6] On January 6, 2020, it was acquired by PayPal for about $4 billion. These demographics overlap not only with Venmo but also with PayPal's core platform. Acquisition of Honey Science Corp. for US$4 billion Dec 31st, 2020 PayPal becomes the first foreign company to own 100% of a payment platform in China Jan 11th, 2021 $242 billion in Bitcoin assets are traded on the PayPal platform Jan 8th, 2021 PayPal invests in TaxBit, a company specialized in cryptocurrency fiscality Dec 2020 Average Discount. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. It can find you the best prices, show you price history, automatically apply the best coupons and give you other tips! About PayPal PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. Reddit and its partners use cookies and similar technologies to provide you with a better experience. "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.". After submitting your request, you will receive an activation email to the requested email address. Punch helped Honey find their Series A investors that fueled their growth and assisted at every step of the way. My exposure was always to the partnership side of their business and having those professionals who were able to build relationships and work with brands and retailers is what made them successful, helped grow their business and will continue to drive the product forward., Honey is proving the next generation of customer loyalty, building a deep and long-term consumer relationship. All Rights Reserved. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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. For more information, visit paypal.com. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Price as of January 18, 2023, 11:22 a.m. The forward-looking statements contained in this announcement speak only as of the date hereof. Necessary cookies are absolutely essential for the website to function properly. Honey was founded in 2012 and headquartered in Los Angeles. 646.667.5065. As the press release stated, "The acquisition supports PayPal and Honey's shared mission to simplify and personalize shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for merchants.". Eight Lessons To Take With You Through 2023. "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. Punch worked with Honey for over 2 years until we helped transition them to their own in-house team and were being audited by Ernst & Young. usually within minutes, free-of-charge using PayPal's in-app cash-a-check feature. Honey also has the advantage of a treasure trove of data. jcriscoe@paypal.com "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. The company has announced it will acquire Honey Science Corporation, a shopping discount and rewards platform. 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. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. This category only includes cookies that ensures basic functionalities and security features of the website. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. PayPal Market Cap $79B Today's Change (-0.73%) -$0.51 Current Price $69.26 Price as of December 16, 2022, 4:00 p.m. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. If frictionless payments become commoditized, essentially available from nearly every merchant and financial platform, then a large part of PayPal's value proposition to consumers and merchants simply disappears. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Calif. Analysts expect companies in the S&P 500 to report a jump in earnings for the first three months of the year. 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. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. 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. For more information, visit paypal.com. Honey co-founders George Ruan and Ryan Hudson will continue to lead the Honey team as part of PayPals global consumer product and technology organization, reporting to Senior Vice President John Kunze. ET, 1 Stunning Metric That Makes PayPal Stock a Screaming Buy, Nasdaq Bear Market: 3 Exceptional Growth Stocks Down More Than 60% to Buy Before They Start Soaring. 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