So how did Honey create such a strong platform? Cost basis and return based on previous market day close. (AP Photo/Jeff Chiu, File). Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. Honey offers an expansive suite of products and services that helps users score savings and deals as they shop online. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. PayPal.com Necessary cookies are absolutely essential for the website to function properly. It also has a competing discount plug-in. 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. 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." 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.". 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. Visit www.joinhoney.com to shop smarter. PayPal paid $4 billion for the start-up, which has worked with Amazon since it was founded in 2012. 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.. Honey co-founders Ryan Hudson and George Ruan. 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. 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. I reported the transaction to PayPal but I didn't get my money back, they just canceled the recurring automatic payments that it was set up for. 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. "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. 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. For more information, visit paypal.com. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. (AP Photo/Jeff Chiu, File), 4 Startup Terms Explained With Analogies A 10 Year Old Would Understand, Five Direct-To-Consumer Trends To Look For In 2023, Gerdau Is Shaping A More Collaborative, Inclusive, And Sustainable Future, Want To Attract Top Talent? Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. 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. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding," said Dan Schulman, president and CEO of PayPal. This shopping data, even anonymized, could provide valuable insights into consumer behavior and would seemingly fit nicely with Jetlore, an AI-powered platform that takes customer data points, analyzes them, and gives merchants actionable steps to capture more sales. Honey has continued to grow and evolve, expanding its suite of products and services to include a mobile shopping assistant, offers and rewards program, and price-tracking tools and alerts. People Culture Diversity, Inclusion, Equity . 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. We also use third-party cookies that help us analyze and understand how you use this website. Diversity, Inclusion, Equity and Belonging. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. "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. 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. ", "Combining PayPal's assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants," said Hudson. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. And lastly, to do that, they built a great team. Data is a real-time snapshot *Data is delayed at least 15 minutes. The joining of the internet's oldest (and most well-known) payment system with affiliate's latest success story is indicative of how the Affiliate . 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 . 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 build this platform, the company raised a relatively small amount of venture capital:$49 million. This transaction will . Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. Image source: PayPal Holdings. Calif. Analysts expect companies in the S&P 500 to report a jump in earnings for the first three months of the year. About PayPal Create an account to follow your favorite communities and start taking part in conversations. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. The Honey browser extension helps save you money at or get Honey Gold (cash back in gift card form) from 40,000+ online retailers. 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. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. If you experience any issues with this process, please contact us for further assistance. ", "We only use data in ways that directly benefit Honey members helping people save money and time and in ways they would expect. "We'll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.". (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. 04/12/2019. To succeed, companies have to create a similarly customer-centric strategy and leverage robust data and marketing automation platforms to better serve their audience and build the kind of brand loyalty Honey currently enjoys. The combination of Honeys 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. The acquisition supports PayPal and Honeys shared mission to simplify and personalize shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for merchants. 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. PayPal has completed a $4 billion deal its largest to date to acquire the shopping rewards platform Honey Science Corporation, PayPal announced Monday (Jan. 6). Visit www.joinhoney.com to shop smarter. Down 63.5% in This Bear Market, Can PayPal Recover in 2023? Perella Weinberg Partners LP is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal adviser with regard to the transaction. Buy Now, Pay Later; Deals and Cash Back; . Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. You may opt-out by. Honey adopts a future-forward model of automation and analytics. This convenience with Honey's price-tracking and discount-finding capabilities already formed a potent combination for shoppers. Deliver digital experiences that drives competitive advantage. PayPal and Amazon haven't historically worked closely together. Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. Factors that could cause or contribute to such differences include, but are not limited to, the timing and possible outcome of security holder and regulatory approvals in connection with the transaction, the possibility that the transaction may not close, 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 announcement contains "forward-looking" statements within the meaning of applicable securities laws. The clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.. 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. 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. InvestorRelations@PayPal.com. The combination will help accelerate growth across both companies. 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. They can then weed out the less active users afterward. The forward-looking statements contained in this announcement speak only as of the date hereof. In fact, Honey scaled extremely fast and we only changed systems after the companys revenues exceeded $100MM. Honey also collects data from its users that might prove to be valuable to PayPal. 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. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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. 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. PayPal.com Now that it can be combined with PayPal's ease-of-payment capabilities and exposed to the latter's 275 million consumer accounts, it could become one of the most valuable e-commerce properties today. 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. The pardot cookie is set while the visitor is logged in as a Pardot user. 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. 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. These cookies do not store any personal information. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Investor Relations Contacts It works through a browser extension known as a "plug-in" that automatically searches for discounts as customers shop on sites like Amazon. For more information, visit paypal.com. Making the world smarter, happier, and richer. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. 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. SpringML partnered with Honey on exploring how data science and machine learning could be leveraged to improve its marketing efforts by understanding its customers and providing additional value to vendors and loyal users. Honey makes a commission off each sale and has ushered in 17 million users. 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. The Motley Fool has a disclosure policy. About Honey These cookies will be stored in your browser only with your consent. 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. The Motley Fool recommends eBay and recommends the following options: long January 2021 $18 calls on eBay, short January 2020 $70 puts on Square, short January 2020 $39 calls on eBay, and short January 2020 $97 calls on PayPal Holdings. 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. The Los Angeles based company was incorporated in 2012. Price as of January 18, 2023, 11:22 a.m. Read more. This appears to be Amazon's first public warning about Honey's security concerns. 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. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. 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 A live webcast of the conference call, together with a slide presentation, can be accessed through the company's investor relations website at https://investor.paypal-corp.com. In fact, Honey repeatedly said that they werent actively looking for accounting help, but deep down the founder knew they probably needed it. ContactsInvestor Relations ContactsGabrielle Rabinovitch[emailprotected], Media Relations ContactJosh Criscoe[emailprotected]646.667.5065, Cision Distribution 888-776-0942 The acquisition is expected to be accretive to PayPals non-GAAP earnings per share in 2021. Invest better with The Motley Fool. 3 5 Related Topics PayPal Financial services Financial sector Business Business, Economics, and Finance 5 comments Best Add a Comment Press question mark to learn the rest of the keyboard shortcuts. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. 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. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. November 21, 2019, 5:41 AM PayPal Holdings, Inc. PYPL has acquired Honey Science Corp. for a hefty amount of about $4 billion in a bid to expand beyond the core payments business. jcriscoe@paypal.com 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. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Honey will accelerate its growth by driving adoption among PayPal and Venmo's more than 275 million active consumer accounts and sourcing exclusive offers from PayPal's extensive network of 24 million merchant accounts. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. As consumers shop online, Honey scours promo codes and better deals elsewhere for the same products, ensuring its users always find the best prices. 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. As a partner of choice for our merchants, this is another way that we can help them build and strengthen their customer relationships, provide personalized offers, and drive incremental sales. 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. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. The move puzzled many observers, as it is not . 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. 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. 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. I charged that back just today so I'm still waiting but they gonna run me my money back. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. After submitting your request, you will receive an activation email to the requested email address. In addition, an archive of the webcast will be accessible for 90 days through the same link. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. Granted. "Honey is amongst the most transformative acquisitions in PayPal's history. The forward-looking statements contained in this announcement speak only as of the date hereof. Keep in mind that Honey has about 17 million MAUs (Monthly Active Users) and 30,000 online retailers, generating more than $1 billion in savings during the past year. Great for questions about PayPal, transactions and problems! Many shoppers are familiar with Honey's browser extension, which was launched when the company was founded. from 8 AM - 9 PM ET. acoffee@paypal.com did paypal just steal my money and ban me? Sign up to receive the latest news to your email. The company sports 17 million monthly active users and works across 30,000 participating merchants' websites. Bots perform the massive computational tasks that are requiredand present the subsequent actions or data to humans for more subjective decision-making.. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. ", The company said it collects "limited shopping data" and uses it to analyze information on retail websites so users can find the best coupon, but does "not sell your personal information. Amazon also has a competing discount plug-in. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. Webcast and Conference Call Information The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.". Your file is ready for download. Acquired Entities. 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. Schulman states that almost 40% of all e-commerce transactions are triggered by an outside event, such as a personalized offer or limited-time deal. 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. 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.. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Similarly, PayPal applies a fix-fee and percentage-fee paid by the vendor for each financial transaction facilitated. Honey also has the advantage of a treasure trove of data. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. 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. 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. "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. Founded. 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. All Rights Reserved. Contacts 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. 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. Honey was profitable on a net income basis in 2018. jcriscoe@paypal.com LinkedIn sets this cookie to store performed actions on the website. This appears to be Amazon's first public scrutiny of the start-up for security concerns. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. 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. Combination for shoppers in multiple markets, different revenue streams, and richer companies the... @ paypal.com did PayPal just steal my money and ban me happier, and Square Youtube... Scrutiny because thats where expectations for revenue growth are close to the requested email address PayPal bought Honey... Million monthly active users afterward just steal my money and ban me, will! A conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time ( PST ) today more than years! Right investors and venture capitalists to support their vision be stored in your browser only your. For a wide range of companies, from Apple to PayPal for a wide of... 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