Payments platform PayPal says it is buying
shopping and rewards company Honey Science
Corp. for $4 billion.
Founded in 2012, Honey helps people find
online coupons and discounts while they shop
online. It has about 17 million monthly users.
PayPal Inc. said Wednesday the acquisition will
help its merchants attract new customers by
offering personalized deals and offers. It says
it also hopes to reach shoppers earlier, not just
when they are paying at checkout.
PayPal says Honey will keep its headquarters in
Los Angeles and its co-founders will join PayPal,
which is based in San Jose.
The acquisition comes amid growing
competition in the online payments market.