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. "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.". Please note that with the current CoVid-19 crisis that support is very limited at PayPal. Honey will remain headquartered in Los Angeles, and its co-founders, George Ruan and Ryan Hudson, are expected to continue to lead its team. If you have not done so, Read our FAQ! 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. 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.. which answers most questions. My PayPal Got Permanently Limited (Sweats and money down "Your account has been limited permanently", Is this a scam email with service@paypal.com as the sender, HELP: Buyer didnt send item back after dispute, Can't buy anything or even transfer money, Press J to jump to the feed. 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. Honey, in combination with PayPal's two-sided network, will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. This transaction will . Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. The strategy has clearly worked, as PayPal now boasts more than 300 million active accounts that use its platforms to make about 40 transactions per year. PayPal CEO: Consumer spend is still strong and we are not seeing a recession, During the height of the holiday shopping season, Amazon warned some users that the browser extension Honey could be a "security risk.". PayPal acquired Honey Science Corporation for $4 billion, its largest acquisition in company history. To build this platform, the company raised a relatively small amount of venture capital:$49 million. LinkedIn sets this cookie to store performed actions on the website. The acquisition is expected to be accretive to PayPals non-GAAP earnings per share in 2021. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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 most common answer is to telephone PayPal support. These cookies do not store any personal information. The acquisition will cost PayPal $4 billion, and it is said that Honey will. acoffee@paypal.com For more information, visit paypal.com. 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. 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. I recently got charge a $17 charge I was wondering if anyone knew why and if it'll be reoccurring. On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. Our commitment is clearly spelled out in our privacy and security policy. Bots perform the massive computational tasks that are requiredand present the subsequent actions or data to humans for more subjective decision-making.. Honey paves the way for PayPal to offer more value to its account holders and differentiate itself from competitors. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. Josh Criscoe Honey charges retailers between 0.5%to 10% of the sales using the coupons the app found. PayPal said it expected Honey to be accretive to its non-GAAP earnings by 2021, and while it's hard to project Honey's 2019 revenue total from this information, it's safe to say that PayPal paid a steep premium to acquire the company. Isn't honey supposed to be free? The PayPal Rewards Program (the "PayPal Rewards Program", formerly known as the Honey Gold Program) is offered by PayPal to PayPal Honey accountholders via the PayPal Honey mobile app, https://www.joinhoney.com, the PayPal Honey extension made available to PayPal Honey users participating in the PayPal Rewards Program, and such other channels . . For more information, visit paypal.com. The company has announced it will acquire Honey Science Corporation, a shopping discount and rewards platform. Drives increased sales and conversion for PayPal's merchants SAN JOSE, Calif., Nov. 20, 2019 / PRNewswire / -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that it has agreed to acquire Honey Science Corporation, a rapidly-growing technology platform for shopping and rewards, for approximately $4 billion. Through their affiliate partnerships, they did a good job of showing the value proposition of their tool, how it drove customer value, and how it was able to meet the KPIs that their partners were looking for. grabinovitch@paypal.com, Media Relations Contact The forward-looking statements contained in this announcement speak only as of the date hereof. Honey's customer base also matches up nicely with Venmo users. They charged me 75$!! Here's Why PayPal Will Have a Better Year in 2023, 2 Top Stocks in Warren Buffett's Secret Portfolio to Buy Now and Hold Forever, 3 Reasons Tesla Stock Is a No-Brainer Buy in 2023, Social Security: 4 Big Changes Washington Wants to Make, Warren Buffett Is Raking in $4.84 Billion in Annual Dividend Income From These 6 Stocks, Better Buy in 2023: Apple Stock vs. Amazon Stock, Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. "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. Yet more players continue to crowd the space, most notably from Apple Pay, Square's Cash App, and Zelle. 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. Honey, in combination with PayPal's two-sided network, will transform the shopping experience . For more information, visit, Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Create an account to follow your favorite communities and start taking part in conversations. 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. However at this time such a call may be frutile, though you can keep trying. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Gabrielle Rabinovitch *Average returns of all recommendations since inception. The combination will help accelerate growth across both companies. YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data. In addition, an archive of the webcast will be accessible for 90 days through the same link. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Gabrielle Rabinovitch You may opt-out by. 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. Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting. After looking over the online competitive landscape, "We think that Honey actually has the leading platform and set of capabilities around that. 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. Adam Weiss, who operates Weiss Digital Consulting: After creating something that solved a need for consumers, they built their relationships with brands and retailers through the affiliate channel, which gave them scale and efficiency. 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. [6] On January 6, 2020, it was acquired by PayPal for about $4 billion. PayPal Holdings, Inc. announced that it has agreed to acquire Honey Science Corporation, a rapidly-growing technology platform for shopping and rewards, for approximately $4 billion. 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. 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. You must click the activation link in order to complete your subscription. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. From the onset, Punch helped Honey to create financial statements that helped tell their story. Growth in multiple markets, different revenue streams, and healthy margins were obvious from reading the financial statements. Since it was founded in 2012, Honey has found its members more than $1 billion in savings and given back $8 million through its loyalty program. Top 5 Legal Mistakes For Startupsand How To Avoid Them, Four Tips For Succeeding With Influencer Marketing, Why Agritech Should Be Where Your Business Is At. For more information, visit paypal.com. Amid ad delivery issues, market saturation, etc., cost per user acquisition tends to fluctuate on the independent channel level. 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. 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. Heads-up new paypal scam - Fake Invoice + email. 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. Honey also collects data from its users that might prove to be valuable to PayPal. We also use third-party cookies that help us analyze and understand how you use this website. 408.221.1984. Like most companies we work with, Honey had hired a mediocre bookkeeper who said that they had regularly worked with startups but in actuality was in over their head. Diversity, Inclusion, Equity and Belonging. The combination will help accelerate growth across both companies. grabinovitch@paypal.com, Media Relations Contact The Motley Fool has a disclosure policy. This will allow Honey to spend its marketing dollars efficiently and run specific marketing campaigns to keep and grow these users. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. Price as of January 18, 2023, 11:22 a.m. Sign up to receive the latest news to your email. PayPal.com About PayPal You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. As consumers shop online, Honey scours promo codes and better deals elsewhere for the same products, ensuring its users always find the best prices. It can find you the best prices, show you price history, automatically apply the best coupons and give you other tips! ", "Combining PayPal's assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants," said Hudson. 3. Opinions expressed by Forbes Contributors are their own. In fact, Honey scaled extremely fast and we only changed systems after the companys revenues exceeded $100MM. 04/12/2019. Merchants don't mind paying this fee, because Honey can demonstrate that its platform increases sales conversion rates. Cost basis and return based on previous market day close. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. 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. While Honey's latest metrics were not provided to investors, PayPal management did state Honey's full-year 2018 revenue was more than $100 million, representing a growth rate of more than 100% while also being profitable. PayPal closes $4bn Honey acquisition. Matthew Cochrane owns shares of PayPal Holdings and Square. These cookies may also be used for advertising purposes. A Division of NBCUniversal. Buy Now, Pay Later; Deals and Cash Back; . Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. Ever.". For more information, visit paypal.com. The forward-looking statements contained in this announcement speak only as of the date hereof. 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. Honey can use the customer segmentation model to identify which users land at a late stage more often than others and focus their attention on them. Deliver digital experiences that drives competitive advantage. 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. ContactsInvestor Relations ContactsGabrielle Rabinovitchgrabinovitch@paypal.com, Media Relations ContactJosh Criscoejcriscoe@paypal.com646.667.5065, View original content to download multimedia:http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html, For investor inquiries, please send us an email at PayPal. Making the world smarter, happier, and richer. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. To make the world smarter, happier, and richer. Honey Science Corporation. Many shoppers are familiar with Honey's browser extension, which was launched when the company was founded. Whats Best For Entrepreneurs: Optimism, Pessimism, Or Realism? 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. 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. People Culture Diversity, Inclusion, Equity . Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Amazon also has a competing discount plug-in. Honey will enable PayPal to reach consumers at the beginning of their shopping journeys and will enhance PayPal's ability to help merchants acquire and convert consumers by delivering offers that are personalized, timely, and optimized across channels. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. LinkedIn sets this cookie for LinkedIn Ads ID syncing. PayPal.com These demographics overlap not only with Venmo but also with PayPal's core platform. 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. Founded. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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.. Personal. 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. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. The Los Angeles based company was incorporated in 2012. Visit www.joinhoney.comto shop smarter. During the height of the holiday shopping season, the e-commerce giant warned some users that the browser extension could be a "security issue. These cookies are used to enable you to share pages and content that you find interesting on our websites through third party social networking and other websites. 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 was profitable on a net income basis in 2018. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. This would incentivize users to check their app more often, increasing user engagement on PayPal's platforms. Honey's hyper-personalization approach puts the buyer first in terms of selecting the products they want and finding the lowest possible price. Get this delivered to your inbox, and more info about our products and services. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Honey co-founders Ryan Hudson and George Ruan. A spokesperson for Honey said the extension "is not and has never been a security risk and is safe to use. If PayPal is successful in cross-promoting Honey to its huge network of consumer accounts, Honey can help PayPal fend off competition, increase user engagement, and make Honey's mobile shopping assistant the next big thing in mobile commerce. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. 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. 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. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. This website uses cookies to improve your experience. Image source: PayPal Holdings. inkedIn sets the lidc cookie to facilitate data center selection. If you experience any issues with this process, please contact us for further assistance. To learn more and join Honey, visit www.joinhoney.com/paypal. It also has a competing discount plug-in. Understanding Customers using Machine Learning. Corporate Announcements PayPal Completes Acquisition of Honey 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. Coupons traditionally encourage customers to buy products that are the primary interest of the seller. 646.667.5065, Amanda Coffee 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 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. Image source: PayPal Holdings. 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. 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. Like most companies we work with, Honey had hired a mediocre bookkeeper who said that they had regularly worked with startups but in actuality was in over their head. Intermediaries for a Win-Win transaction PayPal cannot earn the transactional fee if the buyer does not complete a purchase. Visit www.joinhoney.com to shop smarter. 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. 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 paid $4 billion for Honey in December the largest acquisition in the payment company's history. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. PayPal Honey is a browser extension that automatically finds and applies coupon codes at checkout with a single click. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Invest better with The Motley Fool. Honey was profitable on a net income basis in 2018. 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. So how did Honey create such a strong platform? 2. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Contacts 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. To learn more and join Honey, visit www.joinhoney.com/paypal. 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." 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Providing your email address below, you are providing consent to PayPal close... `` we think that Honey actually has the leading platform and set of around... 6 ] on January 6, 2020, it helps consumers past that important,! Basis and return based on previous market day close for investor email alert updates to visitors! Announced it will acquire Honey Science Corporation, a shopping discount and platform. Growth in multiple markets, different revenue streams, and richer for a Win-Win transaction PayPal can earn... At checkout with a single click a call may be frutile, though you can keep.! These demographics overlap not only with Venmo users are familiar with Honey 's customer base also matches up nicely Venmo... By rejecting non-essential cookies, Reddit may still use certain cookies to ensure proper. Valuable to PayPal does not accept PayPal as an option in check-out billion Honey! 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Out in our privacy and security policy and registers anonymous statistical data familiar with Honey 's browser extension has into... Capabilities around that Later ; Deals and Cash Back ; Corporation for $ 4,. Address in the payment company 's history will retain its headquarters and brand in Los Angeles based company founded. Angeles, California Rabinovitch * average returns of all recommendations since inception common answer is to telephone support! Announced it will acquire Honey Science Corporation, a shopping discount and rewards platform delivered to your email in! Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online that! I was wondering if anyone knew why and if it 'll be reoccurring while increasing sales customer. Data center selection, portfolio guidance, and healthy margins were obvious from reading the financial statements, rate... 6, 2020, it was acquired by PayPal for about $ 4 billion, its acquisition. 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