PayPal recently acquired the Honey rewards app in a $4 billion purchase, which is scheduled to close in the first quarter of 2020. The Honey rewards app has approximately 17 million users a month and it helps people find various online discounts and coupons. Following the purchase, PayPal will look to integrate Honey into it's own apps, including Venmo.
PayPal's purchase indicates that the company will continue to venture into e-commerce services. The purchase is significant, due to the fact the Honey is a successful platform on its own. During the course of the previous year, Honey produced $100 million in total revenue. It also has a history of working with a number of different industry-leading companies including Amazon, adidas, Walmart and more.
Image Credit: PayPal