PayPal growth lifts userbase past 250 million active accounts
(6 September 2018 - USA) PayPal CEO Dan Schulman announced that the number of active accounts on the PayPal platform has now exceeded 250 million.
The strong growth comes as the company is preparing to commence new merger and acquisition activity, previously stating that the group has set aside US$3 billion for future deals. “We have a healthy balance sheet and we are ready to put it to work to buy more companies. I wouldn’t rule out that we take on a bigger deal if there’s a good fit for us” Schulman said at the time. To illustrate the importance of the 250 million mark, Schulman emphasised that if PayPal was a country, it would be the fifth most populated ahead of Brazil and just behind Indonesia.
“Like everything else in our business, it’s not about the macro numbers, it’s about the individual experiences. The small businesses that support families and fuel communities. The single parents managing for their families,” commented Schulman. “The college students figuring out their budgets. The non-profits working to serve those in need. The people and families and entrepreneurs who are new to digital finance and turn to us because they need a better way to borrow, to save, to spend, to share. The immigrants working hard to create a better life for their families and using our platform to send money back home.”
In a company statement, Schulman stated this marks an important milestone for the digital payments company. “On 27 February 2017 we announced that we had surpassed 200 million active accounts. The fact that we’ve added an additional 50 million accounts in a little more than 18 months – nearly three million accounts per month – is a testament to the tireless work PayPal staff have done on behalf of our customers to add more and more value to our platform.”