PayPal adds Honey to its arsenal

PayPal is set to buy Honey Science Corporation, the company behind shopping and rewards platform Honey, for $4 billion.

The acquisition will be PayPal’s largest to date. "Honey is amongst the most transformative acquisitions in our history. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding," says Dan Schulman, President and CEO at PayPal.

"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. As a partner of choice for our merchants, this is another way that we can help them build and strengthen their customer relationships, provide personalised offers, and drive incremental sales.”

“There’s no company better suited than PayPal to help us realise our vision,” Honey founders, George Ruan and Ryan Hudson, said in a statement.

“Its mission is to democratise financial services and empower everyone to improve their financial health, one that aligns closely with ours. Together we will be able to build powerful tools that have a meaningful financial impact on people’s day-to-day lives.”