PayPal announced on Monday it has officially completed its acquisition of Honey Science Corporation (Honey), which is a tech platform for shopping and rewards. As previously reported, Honey is widely known as a useful discovery tool that assists users in finding savings and good deals while they shop online. The platform has been expanding its line of products and services, which now include a smartphone-based shopping assistant, offers and rewards program, and various price-tracking tools and a notifications system.
Honey reportedly has around 17 million monthly active users and has assisted millions of consumers in finding over $1 billion in savings during the past year. The platform works with around 30,000 online merchants, ranging from fashion, technology, and travel to pizza delivery.
PayPal notably purchased Honey for $4 billion in November. The payments giant noted that the acquisition will transform the shopping experience for its consumers while increasing sales and customer engagement for its merchants. Speaking about the acquisition, Dan Schulman, President and CEO of PayPal, stated:
“We’re thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family. The addition of Honey to our platform enables a significant step forward in our commitment to provide powerful services and tools for merchants and consumers, move beyond our core checkout proposition and significantly enhance the shopping experience for our 300 million consumers and merchants.”
PayPal added that Honey Co-founders George Ruan and Ryan Hudson will continue to lead the Honey team as part of PayPal’s global consumer product and technology organization, reporting to Senior Vice President John Kunze.