On Monday, PayPal announced that it completed the acquisition of LA e-commerce startup Honey, paying approximately $4 billion in cash.
“We’re thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family,” Dan Schulman, president and CEO of PayPal, said in a statement. “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.”
PayPal initially announced its plans to acquire Honey in November. Honey has built technology to help online shoppers find deals and coupons, and PayPal hopes to roll the company into its larger online payment business.
Co-founders George Ruan and Ryan Hudson will still lead Honey as part of PayPal’s global consumer product and technology team.
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