As part of the expansion, according to one of the sources, PayPal hired a brokerage to lead ‘Invest at PayPal’, a previously unreported division of the payments service provider. The move comes amid a retail trading surge that brought millions of new investors into the stock market, along with more regulatory scrutiny for some brokerage firms
The US-based company recently hired brokerage industry veteran Rich Hagen as part of the move, according to one of the sources. A PayPal stock-trading launch would come at competitive time for the fintech industry. Square, PayPal, Robinhood and SoFi offer a list of overlapping products and describe the same mission of being a one-stop-shop for finance, according to CNBC. Cryptocurrency and stock trading are seen as ways to keep consumers engaged on these payment platforms.
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