| Legal Name: | PayPal Holdings, Inc. |
| Headquarters Regions: | San Jose, California, United States |
| Founded Date: | December 1998, Palo Alto, California, United States |
| Founders: | Elon Musk, Peter Thiel, Max Levchin, Ken Howery, Luke Nosek, Yu Pan |
| Number of Employees: | 22000+ |
| Company Type: | For-Profit |
| Area served: | The United States of America and World |
| Products of Company: | faster, safer way to send money, make an online payment, receive money or set up a merchant account |
| Net Worth in 2023: | $45 Billion |
PayPal is a company from America which operates the online payments system worldwide and serves as an alternative to traditional methods like money orders and cheques. It also works as a payment processor for online websites and charges a small fee in exchange for transactions.
Perhaps you know a thing or two about PayPal, however, how well do you know about this Company? For instance, how old is this company? How about their origin, investments, earnings? In another case, PayPal might be a stranger, fortunately for you, we have compiled all you need to know about PayPal’s wiki, today’s net worth as of 2023, inception, evolution, achievements, and more facts. Well, if your all set, here is what I know.
Table of Contents
Inception
PayPal was founded in the year 1998 by Ken Howery, Peter Thiel, Max Levchin, and Luke Nosek. At that time, it was named “Confinity” and use to develop security software for handling several devices. In 1999, they started their money transfer service which was funded by John Malloy of the BlueRun Ventures.
In March 2000, Elon Musk the founder of the online banking company “X.com” bought Confinity because he was optimistic about the future of the online money transfer business. In the same year, X.com closed its other internet banking operations to focus on PayPal money transfer service.
In 2001, X.com was officially renamed PayPal, and Peter Thiel was made the CEO of the company. The following year the company was made public, and since then it has been rapidly expanding every year.
Evolution
In 2002, PayPal was acquired by eBay for more than $1.5 billion, with a valuation of over 76% above the Initial Public Offering (IPO) price. PayPal was made the default payment method for eBay users, and more than 70 percent of the auctions in eBay accepted PayPal payments.
To expand its e-commerce business, PayPal bought the VeriSign payment solution in the year 2005. Two years later, the company announced a deal with MasterCard which helped them in launching the PayPal Secure Card service.
In 2008, PayPal bought the Israeli start-up company “Fraud Sciences” to enhance its fraud management systems. In the same year, they acquired the online payments company “Bill Me Later” which provided transactional credit to more than ten thousand US merchants.
To grow its business offline, PayPal partnered with “Discover Card” to facilitate online payments in more than 7 million stores. In 2013, they acquired a Palo Alto startup “IronPearl” which offered engagement software, and a Chicago-based online startup “Braintree” to grow its mobile services and product development.
In 2014, PayPal separated from eBay into a publicly-traded company, and Dan Schulman was made its new CEO and John Donahoe
who is the former eBay CEO who was made the company’s chairman?
Achievement
PayPal is one of the biggest companies providing online transactions that has 250 million active registered accounts in more than 202 markets. It allows us to send, receive, and hold money in 25 currencies globally.
Its headquarters is based in San Jose, California but it has software development centers and customer support operations in more than 200 countries including India, Germany, Ireland, Malaysia, China, Japan, Austalia, Turkey, and many more.
PayPal Net Worth in 2023
As of 2023, PayPal has an estimated net worth of more than $45 billion. It has acquired more than 20 startups and companies including Paydiant ($280M), CyActive ($60M), TIO Networks ($233M), iZettle, Simility ($120M), and many more. In 2018, the company bought the Swedish payment processing company “iZettle” for $2.2 billion which is said to be its largest acquisition to date. PayPal also earns revenue from various Apple services as it has been made the default mode of payment for its App Store.
PayPal is considered one of the top internet companies in the world which are growing each year exponentially. It also has a registered charity “PayPal Giving Fund” which provides support to several nonprofit organizations.