New PayPal Cashback Business Credit Card Launches for US Small Businesses

The new PayPal Business Cashback Mastercard ^® is among the industry's leading cashback business credit cards with no annual fee and 2% cashback on all purchases with no limit to the cashback that can be earned - helping small business owners get rewarded as they make business purchases.

PayPal Holdings Inc. (NASDAQ: PYPL) today announced it is expanding its suite of credit offerings to include a new business credit card to better meet the everyday financing needs of small business owners. The PayPal Business Cashback Mastercard, issued by WebBank and powered by the Mastercard network, is the first business credit card offered through PayPal. The card has no annual fee and rewards cardholders with 2% cashback on all purchases with no rewards earning caps or expiration, making it among the highest cashback rewards value available.

The PayPal Business Cashback Mastercard offers a simple way for businesses to pay for both everyday business expenses and those that may unexpectedly arise, while also earning cashback rewards on all purchases. Approved businesses are provided immediate access to their assigned credit limit through a virtual card that is automatically integrated into the business's PayPal account and is immediately available as a payment method when merchants check out with PayPal. Account and spending details are easily accessed through the cardholder's PayPal Business account.

Small businesses need an array of tools to fund their everyday business expenses in a flexible manner. According to the 2022 Small Business Credit Survey conducted by the Federal Reserve Banks, credit cards were the second most common form of financing sought by small businesses. ¹ The PayPal Business Cashback Mastercard offers SMB owners the opportunity to qualify for a business credit card.

"As small business owners continue to recover from the challenges of the past two years, having multiple financing options to address their capital needs is more important than ever," said Bernardo Martinez , Vice President of Global Merchant Lending, PayPal. "The PayPal Business Cashback Mastercard provides merchants greater value, more choice and the increased flexibility they need to manage their business finances, offering among the best value available on no annual fee business credit cards today. This new solution continues PayPal's commitment to supporting small businesses and offering options to help manage the day-to-day costs of operating their business."

The PayPal Business Cashback Mastercard was developed in conjunction with Austin -based Concerto Card Company , WebBank and Mastercard to provide PayPal merchants with access to a high quality, high value, small business credit card. Cardholder benefits include:

2% cashback on all purchases without a limit on cashback earned or category restrictions
No annual fee
No foreign transaction fees
Competitive APR for purchases ranging from 13.99%-29.99%
Virtual card that can be used immediately upon approval when merchants check out with PayPal, in addition to a physical contactless card
Free employee cards with separate account numbers
Enhanced Mastercard benefits, including a 2-Year Extended Warranty on purchases, Cell Phone Protection, and access to discounts through Easy Savings™ and Mastercard's Digital Merchant Offers, among other features
Advanced security features, including Mastercard ID Theft Protection ™ and Zero Liability , in addition to 24/7/365 Global Emergency Services
Consolidated billing to eliminate expense reports and reimbursements
Integration within PayPal's merchant platform to access transactions, balances, available credit, and rewards
Available for use at more than 90 million merchant locations worldwide – anywhere Mastercard is accepted

"Small businesses are a force multiplier for our economy, and it's critical to ensure that they have access to digital tools and solutions that support their needs and growth," said Sherri Haymond , executive vice president, Digital Partnerships, Mastercard. "The PayPal Business Cashback Mastercard is tailor-made to support small business owners navigating their day-to-day operations. Coupling dynamic, flexible payments technology with compelling rewards and resources, we're proud to team up with PayPal to deliver tremendous value and access to small business owners in the US."

"PayPal's mission to democratize financial services for all – businesses and consumers – closely aligns to Concerto's corporate strategy," said Dan Duncan , CEO and co-founder, Concerto Card Company. "Our goal is to provide the tools necessary for businesses to be successful – and the PayPal Business Cashback Mastercard helps both companies advance their respective missions."

"Providing small businesses with credit to manage their business needs is a key area of focus at WebBank," said Jason Lloyd , President & CEO, WebBank. "We appreciate the opportunity to work with PayPal, Mastercard and Concerto Card Company to make the PayPal Cashback Business Mastercard available to small businesses."

PayPal continues to support small businesses by providing more ways to accept payments, grow their business and access financing solutions, including PayPal Working Capital, PayPal Business Loans, and now the PayPal Cashback Business Mastercard.

More information about the PayPal Business Credit Card can be found at https://paypal.com/businesscreditcard

Based on the 2022 Small Business Credit Survey conducted by the Federal Reserve Banks, September through November of 2021 involving 11,000 US small businesses (below 500 heads).

The PayPal Business Cashback Mastercard ^® is issued by WebBank pursuant to a license by Mastercard International and serviced by Concerto Card Company. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
The lender for PayPal Business Loan and PayPal Working Capital is WebBank, Member FDIC.

About PayPal

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 400 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com .

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

About Concerto

Concerto Card Company is a next-generation, tech-forward company focused on developing better credit card programs for innovative brands. The company combines creativity with technology and analytics to deliver programs designed to excite customers. The management team has decades of experience creating and managing some of the country's largest credit card programs. Concerto is based in Austin, Texas . Learn more at www.concertocard.com .

About WebBank

WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah . Since its inception in 1997, WebBank has originated and funded over $150 billion in consumer and commercial credit products. As " The Bank Behind the Brand ^® ", WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, software as a service (SaaS), and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through embedded finance with Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more. The Bank provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com .

Media Contacts
PayPal
Nicole Andreas
NAndreas@PayPal.com

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SOURCE PayPal Holdings, Inc.

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PYPL

PayPal Reports First Quarter 2023 Results

PayPal Holdings, Inc. (NASDAQ: PYPL) today announced its first quarter 2023 results for the period ended March 31, 2023 . The earnings release and related materials discussing these results can be found on its investor relations website at https:investor.PYPL.comfinancialsquarterly-resultsdefault.aspx .

PayPal Holdings, Inc. will host a conference call to discuss these results at 2:00 p.m. Pacific time ( 5:00 p.m. Eastern time ) today. A live webcast of the conference call will be available at https://investor.pypl.com . In addition, an archive of the webcast will be accessible for 90 days through the same link.

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PayPal Acquires TIO Networks

Core Innovation Capital and the Center for Financial Services Innovation has announced that their portfolio company has been acquired by PayPal (NASDAQ:PYPL).
As quoted in the press release:

CFSI, the nation’s authority on financial health, made an early investment in TIO Networks in 2005. Core, a venture capital firm investing in leading financial technology companies, invested in TIO in 2013 as part of their mandate to create value for everyday and underserved Americans.
TIO is a cloud-based multi-channel bill payment processor that has processed over $7 billion in payments in 2016 for its 14 million customers. The company delivers convenient access to secure bill pay via kiosk, walk-in, mobile and web solutions.
“Our exceptional financial return is further enhanced by the fact that TIO is one of the most impactful fintechs in the industry, now becoming part of PayPal,” said Arjan Schütte, founder and managing partner of Core.
“PayPal’s acquisition of TIO represents one of CFSI’s greatest impacts to date,” said Jennifer Tescher, founder and CEO of CFSI. “In TIO, we made an early investment that helped a strong innovator become a financial health champion, and the company has built an incredible business around a real consumer pain point, shaped it, and demonstrated that it can be done profitably. Under the larger umbrella of PayPal, TIO should scale even further to benefit more Americans.”
Seventy-nine percent of TIO’s customers are low-to-moderate income, of which a majority pays their bills by giving cash to a teller at a convenience or other retail location. One of the reasons both CFSI and Core invested is that these bills, when expedited, can be extremely expensive. When Core invested in 2013, TIO saved its customers $192 per year on walk-in bill pay charges, relative to the most common alternatives in the market. This translates to an aggregate savings of $290 million in that year alone. TIO is one of the most impactful companies in Core’s portfolio in terms of number of customers served and ratio of underserved customers.

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CEO of Bitcoin Wall Provider Xapo Joins PayPal's Board of Directors

CEO of bitcoin waller provider Xapo has joined PayPal (NASDAQ:PYPL) as a new board member.
Wences Casares, CEO of bitcoin wallet provider Xapo, is the payments giant’s newest board member.

According to an article on Fortune:

Wences Casares, CEO of bitcoin wallet provider Xapo, is the payments giant’s newest board member. Payments giant PayPal announced a new board member this morning, potentially signaling the company’s openness to cryptocurrencies. Wences Casares, CEO of bitcoin wallet provider Xapo, joined PayPal’s board and is part of the company’s compensation committee.
Dan Schulman, president and CEO of PayPal PYPL 2.49% , said of the entrepreneur: “Wences’s unique line of sight into the future of commerce is ideally aligned with PayPal’s vision of transforming the management and movement of money for people around the globe.”

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Real Matters Announces Changes to its Board of Directors

Real Matters Inc. ("Real Matters" or the "Company"), a leading network management services provider for the mortgage lending and insurance industries, today announced that Lisa Melchior will be stepping down after serving on the Real Matters Board since 2017. The Company also announced the appointment of Kay Brekken to its Board of Directors. Ms. Brekken will succeed Ms. Melchior as a member of the Compensation, Nomination and Governance Committee. The changes are effective May 7, 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240507719548/en/

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Real Matters to Hold Virtual Annual General Meeting on February 8, 2024

Real Matters Inc. ("Real Matters"), a leading network management services provider for the mortgage lending and insurance industries, will be holding its Annual General Meeting (the "Meeting") on Thursday, February 8, 2024 at 10:00 a.m. (Eastern Standard Time). The Meeting will be conducted online only, via audio webcast at: www.virtualshareholdermeeting.com/realmatters2024 .

Registered and non-registered shareholders entitled to vote at the Meeting may vote by proxy in advance of the Meeting. However, only registered shareholders and duly appointed proxyholders (including non-registered shareholders who have duly appointed themselves as proxyholder) will be entitled to vote at the Meeting during the live audio webcast. Non-registered shareholders who have not duly appointed themselves as proxyholders will be able to attend the Meeting and ask questions, but will not be able to vote. Guests will be able to attend the Meeting but will not be able to submit questions, vote their shares (if any) or otherwise participate in the Meeting. Please note that registered shareholders will need the 16-digit control number indicated on the form of proxy accompanying their Notice of Meeting to log on to the Meeting as a "Shareholder". Duly appointed proxyholders will need the Appointee Name and 8-character Appointee Identification Number to log on to the Meeting as a "Proxyholder / Appointee". Otherwise, shareholders or duly appointed proxyholders, as applicable, will have to log on as "Guests". Please refer to the Company's Management Information Circular in the Investor Relations section of our website for additional details on how to log on to the Meeting.

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(millions of dollars)		Quarter ended											Six months ended					%
		2024		2024		2023		2023		2023	% Change				2024		2023	Change
		Q2		Q1		Q4		Q3		Q2	Quarter over Quarter	Year over Year		March 31		March 31		Year over Year
Consolidated
Revenue	$	42.2	$	35.4	$	42.2	$	46.0	$	37.6	19%	12%		$	77.6	$	75.8	2%
Net Revenue ^(A)	$	11.5	$	9.7	$	11.2	$	12.1	$	9.9	19%	16%		$	21.2	$	19.7	8%
Adjusted EBITDA ^(A)	$	0.7	$	(1.1)	$	0.6	$	1.7	$	(1.7)	166%	142%		$	(0.4)	$	(4.6)	92%
Net income (loss)	$	2.1	$	(3.6)	$	1.6	$	(0.6)	$	(2.6)	158%	181%		$	(1.5)	$	(7.2)	79%
Net income (loss) per diluted share	$	0.03	$	(0.05)	$	0.02	$	(0.01)	$	(0.04)	160%	175%		$	(0.02)	$	(0.10)	80%
Adjusted Net income (loss) ^(A)	$	1.3	$	(1.2)	$	0.8	$	1.0	$	(1.9)	207%	168%		$	0.1	$	(4.0)	103%
Adjusted Net income (loss) ^(A) per diluted share	$	0.02	$	(0.02)	$	0.01	$	0.01	$	(0.03)	200%	167%		$	-	$	(0.06)	100%

U.S. Appraisal segment
Revenue	$	32.6	$	26.8	$	31.2	$	33.5	$	28.0	22%	16%		$	59.3	$	56.3	6%
Net Revenue ^(A)	$	9.2	$	7.5	$	8.6	$	9.2	$	7.7	23%	19%		$	16.6	$	15.4	9%
Net Revenue ^(A) margin		28.3%		27.9%		27.5%		27.5%		27.6%					28.1%		27.3%
Adjusted EBITDA ^(A)	$	4.4	$	2.7	$	3.9	$	4.8	$	3.1	65%	40%		$	7.1	$	5.5	30%
Adjusted EBITDA ^(A) margin		47.9%		35.8%		46.0%		52.0%		40.6%					42.5%		35.5%

U.S. Title segment
Revenue	$	2.0	$	2.0	$	2.3	$	2.6	$	2.2	0%	-9%		$	4.1	$	4.6	-11%
Net Revenue ^(A)	$	0.9	$	1.0	$	1.0	$	1.2	$	0.8	-7%	9%		$	1.9	$	1.6	13%
Net Revenue ^(A) margin		44.0%		47.3%		45.0%		45.2%		36.8%					45.7%		35.7%
Adjusted EBITDA ^(A)	$	(1.7)	$	(1.6)	$	(1.6)	$	(1.6)	$	(2.3)	-2%	28%		$	(3.3)	$	(5.2)	37%
Adjusted EBITDA ^(A) margin		-184.8%		-167.9%		-150.4%		-133.6%		-279.3%					-176.0%		-316.4%

Canadian segment
Revenue	$	7.6	$	6.6	$	8.7	$	9.9	$	7.4	15%	2%		$	14.2	$	14.9	-5%
Net Revenue ^(A)	$	1.4	$	1.2	$	1.6	$	1.7	$	1.4	15%	3%		$	2.7	$	2.7	-2%
Net Revenue ^(A) margin		18.9%		18.8%		17.9%		17.6%		18.7%					18.8%		18.3%
Adjusted EBITDA ^(A)	$	0.9	$	0.7	$	1.2	$	1.3	$	1.0	26%	-8%		$	1.6	$	1.8	-13%
Adjusted EBITDA ^(A) margin		62.3%		56.8%		72.9%		73.7%		69.8%					59.7%		67.0%

Corporate segment
Adjusted EBITDA ^(A)	$	(2.9)	$	(2.9)	$	(2.9)	$	(2.8)	$	(3.5)	-4%	16%		$	(5.8)	$	(6.7)	14%

						Quarter ended					Six months ended
		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023	March 31, 2024		March 31, 2023

Net income (loss)	$	2.1	$	(3.6)	$	1.6	$	(0.6)	$	(2.6)	$	(1.5)	$	(7.2)
Operating expenses		11.2		11.6		10.9		10.7		11.9		22.8		25.1
Amortization		0.8		0.8		0.9		1.0		1.0		1.6		2.0
Restructuring expenses		-		-		-		-		0.4		-		1.7
Interest expense		0.1		0.1		0.1		0.1		0.1		0.2		0.2
Interest income		(0.4)		(0.4)		(0.3)		(0.2)		(0.2)		(0.8)		(0.3)
Net foreign exchange (gain) loss		(2.2)		2.0		(1.8)		1.8		0.1		(0.2)		1.1
Loss (gain) on fair value of derivatives		0.1		(0.2)		(0.1)		(0.5)		(0.3)		(0.1)		(0.3)
Income tax recovery		(0.2)		(0.6)		(0.1)		(0.2)		(0.5)		(0.8)		(2.6)
Net Revenue	$	11.5	$	9.7	$	11.2	$	12.1	$	9.9	$	21.2	$	19.7

						Quarter ended					Six months ended
		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023	March 31, 2024		March 31, 2023

Net income (loss)	$	2.1	$	(3.6)	$	1.6	$	(0.6)	$	(2.6)	$	(1.5)	$	(7.2)
Stock-based compensation expense		0.4		0.8		0.3		0.3		0.3		1.2		0.8
Amortization		0.8		0.8		0.9		1.0		1.0		1.6		2.0
Restructuring expenses		-		-		-		-		0.4		-		1.7
Interest expense		0.1		0.1		0.1		0.1		0.1		0.2		0.2
Interest income		(0.4)		(0.4)		(0.3)		(0.2)		(0.2)		(0.8)		(0.3)
Net foreign exchange (gain) loss		(2.2)		2.0		(1.8)		1.8		0.1		(0.2)		1.1
Loss (gain) on fair value of derivatives		0.1		(0.2)		(0.1)		(0.5)		(0.3)		(0.1)		(0.3)
Income tax recovery		(0.2)		(0.6)		(0.1)		(0.2)		(0.5)		(0.8)		(2.6)
Adjusted EBITDA	$	0.7	$	(1.1)	$	0.6	$	1.7	$	(1.7)	$	(0.4)	$	(4.6)

						Quarter ended					Six months ended
		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023	March 31, 2024		March 31, 2023

Net income (loss)	$	2.1	$	(3.6)	$	1.6	$	(0.6)	$	(2.6)	$	(1.5)	$	(7.2)
Stock-based compensation expense		0.4		0.8		0.3		0.3		0.3		1.2		0.8
Amortization of intangibles		0.4		0.4		0.4		0.4		0.4		0.8		0.8
Restructuring expenses		-		-		-		-		0.4		-		1.7
Net foreign exchange (gain) loss		(2.2)		2.0		(1.8)		1.8		0.1		(0.2)		1.1
Loss (gain) on fair value of derivatives		0.1		(0.2)		(0.1)		(0.5)		(0.3)		(0.1)		(0.3)
Related tax effects		0.5		(0.6)		0.4		(0.4)		(0.2)		(0.1)		(0.9)
Adjusted Net Income (Loss)	$	1.3	$	(1.2)	$	0.8	$	1.0	$	(1.9)	$	0.1	$	(4.0)

(millions of dollars)		Quarter ended
		2024			2023			2023			2023			2023		% Change
		Q1			Q4			Q3			Q2			Q1		Quarter over Quarter		Year over Year
Consolidated
Revenue	$	35.4		$	42.2		$	46.0		$	37.6		$	38.2		-16	%	-7	%
Net Revenue ^(A)	$	9.7		$	11.2		$	12.1		$	9.9		$	9.8		-13	%	-1	%
Adjusted EBITDA ^(A)	$	(1.1	)	$	0.6		$	1.7		$	(1.7	)	$	(2.9	)	-280	%	64	%
Net (loss) income	$	(3.6	)	$	1.6		$	(0.6	)	$	(2.6	)	$	(4.6	)	-322	%	22	%
Net (loss) income per diluted share	$	(0.05	)	$	0.02		$	(0.01	)	$	(0.04	)	$	(0.06	)	-350	%	17	%
Adjusted Net (loss) income ^(A)	$	(1.2	)	$	0.8		$	1.0		$	(1.9	)	$	(2.1	)	-241	%	43	%
Adjusted Net (loss) income ^(A) per diluted share	$	(0.02	)	$	0.01		$	0.01		$	(0.03	)	$	(0.03	)	-300	%	33	%

U.S. Appraisal segment
Revenue	$	26.8		$	31.2		$	33.5		$	28.0		$	28.3		-14	%	-5	%
Net Revenue ^(A)	$	7.5		$	8.6		$	9.2		$	7.7		$	7.6		-13	%	-2	%
Net Revenue ^(A) margin		27.9	%		27.5	%		27.5	%		27.6	%		27.0	%
Adjusted EBITDA ^(A)	$	2.7		$	3.9		$	4.8		$	3.1		$	2.3		-32	%	16	%
Adjusted EBITDA ^(A) margin		35.8	%		46.0	%		52.0	%		40.6	%		30.4	%

U.S. Title segment
Revenue	$	2.0		$	2.3		$	2.6		$	2.2		$	2.4		-13	%	-14	%
Net Revenue ^(A)	$	1.0			1.0		$	1.2			0.8		$	0.8		-8	%	18	%
Net Revenue ^(A) margin		47.3	%		45.0	%		45.2	%		36.8	%		34.7	%
Adjusted EBITDA ^(A)	$	(1.6	)	$	(1.6	)	$	(1.6	)	$	(2.3	)	$	(2.9	)	-2	%	44	%
Adjusted EBITDA ^(A) margin		-167.9	%		-150.4	%		-133.6	%		-279.3	%		-353.4	%

Canadian segment
Revenue	$	6.6		$	8.7		$	9.9		$	7.4		$	7.5		-24	%	-12	%
Net Revenue ^(A)	$	1.2		$	1.6		$	1.7		$	1.4		$	1.4		-20	%	-8	%
Net Revenue ^(A) margin		18.8	%		17.9	%		17.6	%		18.7	%		17.9	%
Adjusted EBITDA ^(A)	$	0.7		$	1.2		$	1.3		$	1.0		$	0.9		-38	%	-19	%
Adjusted EBITDA ^(A) margin		56.8	%		72.9	%		73.7	%		69.8	%		64.2	%

Corporate segment
Adjusted EBITDA ^(A)	$	(2.9	)	$	(2.9	)	$	(2.8	)	$	(3.5	)	$	(3.2	)	2	%	9	%

								Quarter ended
		Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023

Net (loss) income	$	(3.6	)	$	1.6		$	(0.6	)	$	(2.6	)	$	(4.6	)
Operating expenses		11.6			10.9			10.7			11.9			13.2
Amortization		0.8			0.9			1.0			1.0			1.0
Restructuring expenses		-			-			-			0.4			1.3
Interest expense		0.1			0.1			0.1			0.1			0.1
Interest income		(0.4	)		(0.3	)		(0.2	)		(0.2	)		(0.1	)
Net foreign exchange loss (gain)		2.0			(1.8	)		1.8			0.1			1.0
Gain on fair value of derivatives		(0.2	)		(0.1	)		(0.5	)		(0.3	)		-
Income tax recovery		(0.6	)		(0.1	)		(0.2	)		(0.5	)		(2.1	)
Net Revenue	$	9.7		$	11.2		$	12.1		$	9.9		$	9.8

New PayPal Cashback Business Credit Card Launches for US Small Businesses

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