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PayPal acquires shopping platform

The acquisition will cost PayPal almost $4 billion

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PayPal acquires shopping platform. Source: shutterstock.com

PayPal to acquire Honey Science Corporation for almost $4 billion. Honey is a fast-expanding technology platform for shopping and rewards. The two-sided collaboration is expected to transform the shopping experience for PayPal’s consumers, thus increasing sales and customer engagement for its merchants.

According to the report, Honey is expected to increase its growth by driving adoption among PayPal and Venmo’s to more than 275 million active customer accounts. What is more, it will be sourcing exclusive offers from PayPal’s extensive network of 24 million merchant accounts.

Combining PayPal’s assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants. We’ll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey membersrn
Ryan Hudson, Honey co-founder

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