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November 20, 2019 10:50 pm

PayPal To Acquire Shopping and Rewards Program Honey For $4 Billion

PayPal announced today it has agreed to acquire Honey Science Corporation, the makers of a deal-finding browser add-on and mobile application, for $4 billion, mostly cash. TechCrunch reports: The acquisition, which is PayPal's largest to date, will give the payments giant a foothold earlier in the customer's shopping journey. Instead of only competing on the checkout page against credit cards or Apple Pay, for example, PayPal will leap ahead to become a part of the deal discovery process, as well. Currently, Honey's 17 million monthly active users take advantage of its suite of money-saving tools to track prices, get alerts, make lists, browse offers and participate in an Ebates-like rewards program called Honey Gold. Its users tend to be younger, millennial shoppers, both male and female. PayPal aims to add Honey's technology to its own product line, expanding its reach to PayPal's 300 million users. In addition, PayPal's network of 24 million merchant partners will gain the ability to offer targeted and more personalized promotions to consumers as a means of acquiring new business and driving increased sales. PayPal Credit may also be integrated into Honey to help finance larger purchases. [...] As a result of the acquisition, Honey co-founders George Ruan and Ryan Hudson will join PayPal where they'll work on product integrations and scaling the technology to a much larger user base. Also joining is Honey's predominantly L.A.-based team of 350 employees. The Honey team and headquarters will remain in L.A., where they've just signed a lease on a new office space with expansion goals in mind.

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