PayPal Holdings (NASDAQ: PYPL) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. Honey offers an expansive suite of products and services that helps users score savings and deals as they shop online. In the press release, PayPal stated that the agreement “will transform the shopping experience for PayPal’s consumers while increasing sales and customer engagement for its merchants.” Honey will remain headquartered in Los Angeles, and its co-founders, George Ruan and Ryan Hudson, are expected to continue to lead its team.
As consumers shop online, Honey scours promo codes and better deals elsewhere for the same products, ensuring its users always find the best prices. On average, Honey’s users save $126 per year due to its platform, or about 17.9% per purchase. The company sports 17 million monthly active users and works across 30,000 participating merchants’ websites. Since it was founded in 2012, Honey has found its members more than $1 billion in savings and given back $8 million through its loyalty program.