PayPal agrees landmark $4bn acquisition of ecommerce company Honey

PayPal has agreed to shell out $4 billion for Honey Science Corporation, marking the online payment giant’s largest acquisition to date.

Honey, which currently boasts 17 million monthly active users, is an ecommerce tech company that will automatically find and apply discounts when you shop online.

Its service can be added to Chrome, and users can simple click the Honey button during checkout and Honey will scour the internet for discount coupons and apply the best one automatically.

It also works with Amazon, informing customers when the best times to buy certain items are by presenting them with history charts and automatically alerting them when the item comes on sale.

READ MORE: PayPal fined £250,000 by CMA over iZettle acquisition

PayPal will now add Honey’s technology to its own product line, dramatically expanding its reach to over 300 million users.

“Honey is amongst the most transformative acquisitions in PayPal’s history,” PayPal’s chief executive Dan Shulman 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.”

Honey’s co-founder Ryan Hudson added: “Combining PayPal’s assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants.

“We’ll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.”

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