Understanding Customers using Machine Learning. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The acquisition is expected to be accretive to PayPal's non-GAAP earnings per share in 2021. "Honey's vision has always been to give consumers the tools they need to make the best decisions with their money," said Ruan. 3. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. jcriscoe@paypal.com Honey also collects data from its users that might prove to be valuable to PayPal. grabinovitch@paypal.com, Media Relations Contact 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. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. Sign up for free newsletters and get more CNBC delivered to your inbox. Honey adopts a future-forward model of automation and analytics. 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. I recently got charge a $17 charge I was wondering if anyone knew why and if it'll be reoccurring. Read more. Buy Now, Pay Later; Deals and Cash Back; . 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. Image source: PayPal Holdings. Contacts 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. These cookies may also be used for advertising purposes. 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. Punch started working with Honey when they had 12 employees, and they were a very small SaaS company who was just starting to generate revenue. 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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. After looking over the online competitive landscape, "We think that Honey actually has the leading platform and set of capabilities around that. Merchants don't mind paying this fee, because Honey can demonstrate that its platform increases sales conversion rates. 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. Many shoppers are familiar with Honey's browser extension, which was launched when the company was founded. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. To see, I reached out to some veterans in the tech industry: Virgil Wong, the Global Practice Head and VP of Digital Experience/Creative at HGS Digital: Honey hits the sweet spot with data and hyper-personalization. Investor Relations Contacts This category only includes cookies that ensures basic functionalities and security features of the website. 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. No one here can fix that or offer solutions. 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. While shares dropped a few percentage points in the days following the announcement as investors questioned the acquisition, here are four possible reasons PayPal management believes this deal is worth the high price tag. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. 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 combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.". "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.". These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. 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. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Using cookies, pixel tags, web beacons, and other markers, Honey engages shoppers by tailoring its deals to each person's own unique preferences. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. 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. Hello, I recently found out that PayPal bought the Honey Science Corporation. What were the success factors? So how did Honey create such a strong platform? 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. This is a BETA experience. Similarly, PayPal applies a fix-fee and percentage-fee paid by the vendor for each financial transaction facilitated. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Honey's hyper-personalization approach puts the buyer first in terms of selecting the products they want and finding the lowest possible price. 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. The Los Angeles based company was incorporated in 2012. Honey will remain headquartered in Los Angeles, and its co-founders, George Ruan and Ryan Hudson, are expected to continue to lead its team. More Resources. For more information, visit paypal.com. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. "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 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. Learn More. The company develops toolsincluding a Chrome browser add-onthat make it easier for. 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. They charged me 75$!! PayPal Honey is a browser extension that automatically finds and applies coupon codes at checkout with a single click. Cost basis and return based on previous market day close. Crew, Overstock, or Saks Fifth Avenue, and receive instant notifications when there's a better price. ", "We only use data in ways that directly benefit Honey members helping people save money and time and in ways they would expect. They can select the products they want on Amazon, Macy's, Target, Walmart, J. Shop and Buy. In November, PayPal Holdings ( PYPL -0.38%) announced the $4 billion acquisition of Honey Science, an e-commerce tool that helps shoppers find deals. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. 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. Matthew Cochrane owns shares of PayPal Holdings and Square. Honey earns its commission from stores when customers use its platform to make a purchase. usually within minutes, free-of-charge using PayPal's in-app cash-a-check feature. Josh Criscoe Great for questions about PayPal, transactions and problems! Venmo.com Josh Criscoe Data is a real-time snapshot *Data is delayed at least 15 minutes. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. 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.. The cookie indicates an active session and is not used for tracking. 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. 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. . However at this time such a call may be frutile, though you can keep trying. 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. "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. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. ET Judging by its largest acquisition ever, PayPal believes it can capture. PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world., Combining PayPals assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants, said Hudson. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. This appears to be Amazon's first public warning about Honey's security concerns. Honey also has the advantage of a treasure trove of data. Granting Status. Sign up to receive the latest news to your email. 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. 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. 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. Down 63.5% in This Bear Market, Can PayPal Recover in 2023? The company sports 17 million monthly active users and works across 30,000 participating merchants' websites. To learn more and join Honey, visit www.joinhoney.com/paypal. 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