Honey, the savings discovery and reward platform, has been agreed to be acquired by Paypal in a transaction valued at approximately $4B. “Honey’s vision has always been to give consumers the tools they need to make the best decisions with their money,” said George Ruan, CEO and Cofounder of Honey. “PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world.”
Honey’s vision has always been to give consumers the tools they need to make the best decisions with their money. PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. – George Ruan
“Combining PayPal’s assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants,” said Ryan Hudson, Cofounder of Honey. “We’ll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.”
Founded by Ruan and Hudson in 2012, Honey had raised a total of $31.8M in reported equity funding and backers in the company include Plug and Play, Mucker Capital, Ludlow Ventures, BAM Ventures, Wonder Ventures, RTA Capital, Cendana Capital, Anthos Capital, SXE Ventures, Zuma Partners, and Kai Buehler.
Honey will continue to operate under its own brand, out of LA with Ruan and Hudon at the helm. The company reports that it has 17M active monthly users. The transaction values each active user at ~$235.
“Honey is amongst the most transformative acquisitions in PayPal’s history. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding,” said Dan Schulman, president and CEO of PayPal. “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. 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 is amongst the most transformative acquisitions in PayPal’s history. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding.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. 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. – Dan Schulman
