Honey, in combination with PayPal’s two-sided network, will enhance the shopping experience for PayPal’s consumers while increasing sales and customer engagement for its merchants.
The combination will help accelerate growth across both companies. Honey will accelerate its growth by driving adoption among PayPal and Venmo’s more than 275 million active consumer accounts and sourcing offers from PayPal’s network of 24 million merchant accounts. In addition, Honey will enable PayPal to reach consumers at the beginning of their shopping journeys and will enhance PayPal’s ability to help merchants acquire and convert consumers by delivering offers that are personalized, and optimized across channels.
Founded in 2012, Honey is a discovery tool for consumers to find savings as they shop online. Its suite of products and services include a mobile shopping assistant, offers and rewards program, and price-tracking tools and alerts.
With approximately 17 million monthly active users, Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery.
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 team as part of PayPal’s global consumer product and technology organization, reporting to Senior Vice President John Kunze.