PayPal has closed the $4bn acquisition of Honey Science Corporation

Having first been announced in November 2019, PayPal has now finalised its acquisition of the rewards and shopping platform Honey Science Corporation.

PayPal had to fork out $4bn to buy the portal, which Dan Schulman, president and CEO of PayPal, described as a “transformative transaction”.

He continued, “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’s co-founders George Ruan and Ryan Hudson will remain at the helm of the company, spearheading its further development as the team makes itself at home in the PayPal family.

When the acquisition was first announced in November, Ruan said, “Honey’s vision has always been to give consumers the tools they need to make the best decisions with their money. PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world.”

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