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PayPal

PayPal

PayPal is an american worldwide online payments system founded in 1998 by Elon Musk, Peter Thiel, Max Levchin, Ken Howery, Luke Nosek and Yu Pan.

PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.

Established in 1998 as Confinity, PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. In 2015, eBay spun off PayPal to eBay's shareholders and PayPal became an independent company again. The company was ranked 134th on the 2021 Fortune 500 of the largest United States corporations by revenue.

PayPal was originally established by Peter Thiel, Luke Nosek and Max Levchin, in December 1998 as Confinity, a company that developed security software for hand held devices. It had no success with that business model, however, it switched its focus to a digital wallet. The first version of the PayPal electronic payments system was launched in 1999.

In March 2000, Confinity merged with x.com, an online financial services company founded in March 1999 by Elon Musk. Musk was optimistic about the future success of the money transfer business Confinity was developing. Musk and Bill Harris, then-president and CEO of X.com, disagreed about the potential future success of the money transfer business and Harris left the company in May 2000. In October of that year, Musk decided that X.com would terminate its other internet banking operations and focus on PayPal. That same month, Elon Musk was replaced by Peter Thiel as CEO of X.com, which was renamed PayPal in 2001 and went public in 2002. PayPal's IPO listed under the ticker PYPL at $13 per share and generated over $61 million.

Timeline

September 8, 2021
PayPal Holdings announces an acquisition of Paidy for approximately $2.7 billion.
August 23, 2021
PayPal launches a new service enabling its customers in the UK to buy, hold and sell cryptocurrency.
May 13, 2021
PayPal acquires Happy Returns.
April 13, 2021
PayPal launches Fraud Protection Advanced, a suite of fraud management tools designed to protect mid-size and enterprise customers from the rise of digital fraud.
March 30, 2021
PayPal accepts payment with Bitcoin, Ethereum and Litecoin.
2021
Happy Returns is PayPal's second major purchase this year--in March, the payments giant bought cryptocurrency storage and transfer service Curv.
December 9, 2020
PayPal launches touch-free payments in-store with iZettle's point of sale app to support UK businesses post-lockdown

PayPal today launched QR code payments in iZettle's point of sale app, allowing small businesses across the UK - from retailers to florists and cafes - to accept safe and secure touch-free payments from customers.

November 19, 2020
PayPal launches its answer to GoFundMe
November 19, 2020
PayPal launches a new crowdsourced fundraising platform, the Generosity Network.
October 21, 2020
PayPal announces that it would enable account holders to use cryptocurrency.

Funding Rounds

Products

Acquisitions

Patents

Further Resources

Title
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News

Title
Author
Date
Publisher
Description
By DAMIAN J. TROISE
November 9, 2021
AP NEWS
Stocks ended moderately lower on Tuesday, ending an eight-day winning streak for the market that had been fueled by strong company earnings and economic data.The S&P 500 index lost 16.45 points, or 0.4%, to close at 4,685.25.
Temie Laleye
October 13, 2021
Express.co.uk
PAYPAL user Jacob was left with a debt of over £30,000 because these fraudsters were able to use his account to sell items, but not provide these goods.
FinSMEs
September 23, 2021
FinSMEs
About | Advertise | Contact | Disclaimer | News | The Daily Deal Newsletter FinSMEs.com by FinSMEs is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Paul A. Argenti
September 14, 2021
Harvard Business Review
New research finds that just 22% percent succeed -- and how you treat your employees can make all the difference.
BBC News
September 9, 2021
BBC News
PayPal is bringing in a new fee for commercial transactions between the UK and EEA.
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References

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