PayPal to Acquire Curv

PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel .

In October 2020 , PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal.

"The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system," said Jose Fernandez da Ponte , vice president and general manager, blockchain, crypto and digital currencies, PayPal. "During our conversations with Curv's team, we've been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they've built in the last few years. We're excited to welcome the Curv team to PayPal."

Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin .

"As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world," said Malinger. "Now, as the adoption of digital assets accelerates, we feel there's no better home than PayPal to continue our journey of innovation. We're excited to join PayPal in expanding the role these assets play in the global economy."

PayPal expects to complete the acquisition in the first half of 2021. Financial terms of the deal were not disclosed.

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 375 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com .

About Curv
Curv is a global trusted provider of digital asset security technology that is delivered as a fully scalable, enterprise-grade and compliant cloud service. Curv's multi-party computation (MPC) technology simultaneously provides institutions the protection, instant availability and total autonomy over digital assets required to thrive in the digital economy. For more information, visit curv.co .

Forward-Looking Statements
This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect PayPal's expectations regarding the impact of this transaction on PayPal's and Curv's business and the timing of the closing of the acquisition. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", expect", "project, "forecast", or "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions.

Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. Factors that could cause or contribute to such differences include, but are not limited to, the timing and satisfaction of closing conditions in connection with the transaction, the possibility that the transaction may not close, the reaction to the transaction of Curv's customers and business partners, the reaction of competitors to the transaction, the retention of Curv's employees, PayPal's plans for Curv, economic and political conditions in the global markets in which PayPal and Curv operate, the future growth of PayPal's and Curv's businesses and the possibility that integration following the transaction may be more difficult than expected.

More information about these and other factors that could adversely affect PayPal's results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC"), and its future filings with the SEC.

The forward-looking statements contained in this announcement speak only as of the date hereof. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contacts
Investor Relations
Gabrielle Rabinovitch
grabinovitch@paypal.com

Jesse Kreger
jkreger@paypal.com

Media Relations
Josh Criscoe
jcriscoe@paypal.com

Yael Hager
yhager@paypal.com

View original content to download multimedia: https://www.prnewswire.com/news-releases/paypal-to-acquire-curv-301242347.html

SOURCE PayPal Holdings, Inc.

News Provided by PR Newswire via QuoteMedia

PayPal PYPL Fintech Investing

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.

News Provided by Business Wire via QuoteMedia

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(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

								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	)
Stock-based compensation expense		0.8			0.3			0.3			0.3			0.5
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	)
Adjusted EBITDA	$	(1.1	)	$	0.6		$	1.7		$	(1.7	)	$	(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	)
Stock-based compensation expense		0.8			0.3			0.3			0.3			0.5
Amortization of intangibles		0.4			0.4			0.4			0.4			0.4
Restructuring expenses		-			-			-			0.4			1.3
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	)		-
Related tax effects		(0.6	)		0.4			(0.4	)		(0.2	)		(0.7	)
Adjusted Net (Loss) Income	$	(1.2	)	$	0.8		$	1.0		$	(1.9	)	$	(2.1	)

(millions of dollars)		Quarter ended																	Year ended							%
		2023			2023			2023			2023			2022		% Change					2023			2022		Change
		Q4			Q3			Q2			Q1			Q4		Quarter over Quarter	Year over Year			September 30			September 30			Year over Year
Consolidated
Revenue	$	42.2		$	46.0		$	37.6		$	38.2		$	58.2		-8%	-28	%		$	163.9		$	339.6		-52	%
Net Revenue ^(A)	$	11.2		$	12.1		$	9.9		$	9.8		$	14.4		-8%	-22	%		$	43.0		$	85.4		-50	%
Adjusted EBITDA ^(A)	$	0.6		$	1.7		$	(1.7	)	$	(2.9	)	$	(1.1	)	-64%	153	%		$	(2.4	)	$	7.4		-132	%
Net income (loss)	$	1.6		$	(0.6	)	$	(2.6	)	$	(4.6	)	$	(10.0	)	362%	116	%		$	(6.2	)	$	(9.3	)	33	%
Net income (loss) per diluted share	$	0.02		$	(0.01	)	$	(0.04	)	$	(0.06	)	$	(0.14	)	300%	114	%		$	(0.08	)	$	(0.12	)	33	%
Adjusted Net income (loss) ^(A)	$	0.8		$	1.0		$	(1.9	)	$	(2.1	)	$	-		-14%	0	%		$	(2.2	)	$	2.5		-188	%
Adjusted Net income (loss) ^(A) per diluted share	$	0.01		$	0.01		$	(0.03	)	$	(0.03	)	$	-		0%	0	%		$	(0.03	)	$	0.03		-200	%

U.S. Appraisal segment
Revenue	$	31.2		$	33.5		$	28.0		$	28.3		$	43.9		-7%	-29	%		$	120.8		$	250.9		-52	%
Net Revenue ^(A)	$	8.6		$	9.2		$	7.7		$	7.6		$	11.1		-7%	-23	%		$	33.1		$	55.5		-40	%
Net Revenue ^(A) margin		27.5	%		27.5	%		27.6	%		27.0	%		25.4	%						27.4	%		22.1	%
Adjusted EBITDA ^(A)	$	3.9		$	4.8		$	3.1		$	2.3		$	4.5		-18%	-14	%		$	14.1		$	27.0		-48	%
Adjusted EBITDA ^(A) margin		46.0	%		52.0	%		40.6	%		30.4	%		41.0	%						42.8	%		48.6	%

U.S. Title segment
Revenue	$	2.3		$	2.6		$	2.2		$	2.4		$	4.0		-11%	-41	%		$	9.6		$	36.5		-74	%
Net Revenue ^(A)	$	1.0		$	1.2		$	0.8		$	0.8		$	1.8		-11%	-40	%		$	3.9		$	23.0		-83	%
Net Revenue ^(A) margin		45.0	%		45.2	%		36.8	%		34.7	%		44.1	%						40.6	%		63.1	%
Adjusted EBITDA ^(A)	$	(1.6	)	$	(1.6	)	$	(2.3	)	$	(2.9	)	$	(2.9	)	0%	46	%		$	(8.3	)	$	(8.1	)	-3	%
Adjusted EBITDA ^(A) margin		-150.4	%		-133.6	%		-279.3	%		-353.4	%		-167.5	%						-215.6	%		-35.1	%


Canadian segment
Revenue	$	8.7		$	9.9		$	7.4		$	7.5		$	10.3		-12%	-16	%		$	33.5		$	52.2		-36	%
Net Revenue ^(A)	$	1.6		$	1.7		$	1.4		$	1.4		$	1.5		-11%	6	%		$	6.0		$	6.9		-12	%
Net Revenue ^(A) margin		17.9	%		17.6	%		18.7	%		17.9	%		14.3	%						18.0	%		13.2	%
Adjusted EBITDA ^(A)	$	1.2		$	1.3		$	1.0		$	0.9		$	1.0		-12%	18	%		$	4.2		$	4.5		-5	%
Adjusted EBITDA ^(A) margin		72.9	%		73.7	%		69.8	%		64.2	%		65.0	%						70.5	%		65.2	%

Corporate segment
Adjusted EBITDA ^(A)	$	(2.9	)	$	(2.8	)	$	(3.5	)	$	(3.2	)	$	(3.7	)	-2%	22	%		$	(12.4	)	$	(16.0	)	22	%

								Quarter ended								Year ended
		Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022		September 30, 2023			September 30, 2022

Net income (loss)	$	1.6		$	(0.6	)	$	(2.6	)	$	(4.6	)	$	(10.0	)	$	(6.2	)	$	(9.3	)
Operating expenses		10.9			10.7			11.9			13.2			15.7			46.8			79.5
Amortization		0.9			1.0			1.0			1.0			1.1			3.9			4.5
Loss on disposal of property
and equipment		-			-			-			-			0.4			-			0.6
Other non-operating costs		-			-			-			-			-			-			0.1
Restructuring expenses		-			-			0.4			1.3			1.0			1.7			1.5
Impairment of goodwill		-			-			-			-			17.3			-			17.3
Interest expense		0.1			0.1			0.1			0.1			0.1			0.3			0.3
Interest income		(0.3	)		(0.2	)		(0.2	)		(0.1	)		(0.1	)		(0.8	)		(0.1	)
Net foreign exchange (gain) loss		(1.8	)		1.8			0.1			1.0			(5.0	)		1.0			(5.7	)
Gain on fair value of derivatives		(0.1	)		(0.5	)		(0.3	)		-			-			(0.8	)		-
Gain on fair value of warrants		-			-			-			-			-			-			(0.2	)
Income tax recovery		(0.1	)		(0.2	)		(0.5	)		(2.1	)		(6.1	)		(2.9	)		(3.1	)
Net Revenue	$	11.2		$	12.1		$	9.9		$	9.8		$	14.4		$	43.0		$	85.4

PayPal to Acquire Curv

1. Opendoor Technologies (NASDAQ:OPEN)

2. Upstart (NASDAQ:UPST)

3. Inter & Co. (NASDAQ:INTR)

4. Root (NASDAQ:ROOT)

5. Jiayin Group (NASDAQ:JFIN)

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