PayPal's Spending $4 Billion to Expand Beyond Payments
PayPal (NASDAQ: PYPL) just made its largest acquisition ever. It's buying Honey, an online shopping and rewards platform, for about $4 billion.
Honey's browser plugin automatically tests promotion codes on merchant websites at checkout to make sure shoppers aren't missing out on savings. It also partners with merchants to offer exclusive savings and gives shoppers cash-back rewards for using it, among other features. It counts 17 million active users.
Management outlined an important goal for the company in its press release announcing the acquisition. "Honey will enable PayPal to reach consumers at the beginning of their shopping journeys." PayPal wants to move beyond an afterthought in the online shopping experience to become the place consumers go to when they're looking to discover new products and deals.
Source Fool.com
