Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Paypal to Buy Money-Saving Platform Honey for $4 Billion

The deal with the platform, which finds and applies coupon codes on popular sites, is expected to add to PayPal's adjusted profit in 2021.
PayPal Headquarters | Source: Shutterstock
By
  • Reuters

SAN JOSE, United States — Payment processor PayPal Holdings Inc. said on Wednesday it would buy privately held shopping and rewards platform Honey Science Corp. for about $4 billion.

The deal for the seven-year-old platform that finds and applies coupon codes on popular sites and helps consumers save money will add to PayPal's ability to help merchants deliver offers, PayPal said.

PayPal and its mobile payment service Venmo have more than 275 million active consumer accounts. The deal is expected to close in 2020 and would add to PayPal's adjusted profit in 2021.

After the deal, Honey will retain its headquarters and brand in Los Angeles, California, PayPal said in a statement.

ADVERTISEMENT

PayPal shares were down 2 percent at $102 after the bell.

Perella Weinberg Partners LP was the financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP was its legal adviser.

Qatalyst Partners was the financial adviser to Honey and Latham & Watkins, LLP its legal adviser.

By Abhishek Manikandan; editor: Arun Koyyur

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Technology
Analysis and advice on how technology is disrupting fashion and creating new opportunities.

Using AI to Create Customer-Centric Business Strategies

At The Business of Fashion’s Professional Summit in New York last week, Sona Abaryan, partner and global retail and luxury sector lead at tech-enabled data science firm Ekimetrics, shared how businesses can more effectively leverage AI-driven insights on consumer behaviour to achieve a customer-centric strategic approach.


Case Study | How to Turn Data Into Meaningful Customer Connections

Before fashion businesses can put artificial intelligence to work or target the right shoppers online, they need good data and a deep understanding of who their customers are and what they want. This case study offers a guide for brands that want to truly know their customer, allowing them to make smarter decisions that serve shoppers and drive results.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections