PayPal Holdings, Inc., an American company operating worldwide online payment system that supports online money transfers, announced on Wednesday that it is acquiring Honey Science Corporation, a rapidly-growing technology platform for shopping and rewards, for approximately $4 billion.
Founded in 2012, Honey is best known as popular discovery tool that helps consumers find savings as they shop online. 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery.
The acquisition supports PayPal and Honey’s shared mission to simplify and personalize shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for merchants. The combination will help accelerate growth across both companies, according to PayPal’s acquisition statement.
The co-founder and CEO at Honey, George Ruan said, “Honey’s vision has always been to give consumers the tools they need to make the best decision with their money,” also added, “PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world.”
Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. 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.