PayPal agrees to acquire Honey Science

PayPal has announced that it has agreed to acquire Honey Science, a rapidly-growing tech platform for shopping and rewards, for USD 4 billion.

Honey, in combination with PayPal's two-sided network, will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants.

Founded in 2012, Honey is best known as a 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 USD 1 billion in savings in 2019. 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 streamline and personalise shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for merchants. The combination will help accelerate growth across both companies. Honey is expected to enable PayPal to reach consumers at the beginning of their shopping journeys and enhance PayPal's ability to help merchants acquire and convert consumers by delivering offers that are personalised, timely, and optimised across channels.

Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. Honey’s co-founders will continue to lead the Honey team as part of PayPal's global consumer product and technology organisation.