PayPal has agreed to purchase Honey Science Corporation for $4 billion, making it PayPal’s largest ever acquisition. Founded in 2012, Honey Science is a tech company whose browser extension finds deals and coupons for online shoppers. As TechCrunch reports:
“Currently, Honey’s 17 million monthly active users take advantage of its suite of money-saving tools to track prices, get alerts, make lists, browse offers and participate in an Ebates-like rewards program called Honey Gold. Its users tend to be younger, millennial shoppers, both male and female.”
After tracking coupons and promos, Honey’s browser extension automatically applies the best one to your order, ensuring that you get the largest discount available. Honey has reportedly saved its 17 million members over $2 billion.
John Kunze, PayPal SVP of Global Consumer Products and Technology, said PayPal will incorporate Honey’s add-ons directly into its own technology.
“What’s exciting is that we can take the functionality Honey now offers — which is product discovery, price tracking, offers and loyalty — and build that into the PayPal and Venmo experiences,” Kunze told TechCrunch, adding:
“When Honey says they’re putting money in the pockets of their customers — that’s perfectly in line with what we want to do. We want to make digital commerce and financial services more affordable, easier to use, more fun and more accessible to people around the world.”
PayPal President and CEO Dan Schulman stated that “Honey is amongst the most transformative acquisitions in PayPal’s history.”
“The combination of Honey’s complementary consumer products with our platform will significantly enhance our ability to drive engagement and play a more meaningful role in the daily lives of our consumers,” he said.
“As a partner of choice for our merchants, this is another way that we can help them build and strengthen their customer relationships, provide personalized offers, and drive incremental sales. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.”