Fintech

Former President of Expedia Marketplace Brings Extensive Product Management and Technical Experience to PayPal

PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that John Kim will join the company as Executive Vice President (EVP), Chief Product Officer (CPO), effective September 26, 2022 . Kim brings unique skills and experience building foundational consumer products and marketplaces from the ground up. Throughout his career, he has driven innovative product development to compete and win in rapidly evolving and competitive markets. Kim succeeds current CPO, Mark Britto who will remain with PayPal for a transition period, before retiring at the end of this year.

Kim joins PayPal following a decade-long tenure with Expedia Group, where he served most recently as President of Expedia Marketplace. In this role, he oversaw strategy, product, technology and operations for all of Expedia Group's lines of business – including lodging, air, car, cruise and activities – bringing Expedia's products to life for its customers and suppliers. Previously, Kim served as President of Platform & Marketplaces where he led the development of artificial intelligence, user experience, research, ecommerce, marketplaces and yield management, and oversaw the data and development platforms that power Expedia Group's two-sided marketplace platform.

Previously in his career, Kim served as President of HomeAway/Vrbo after it was acquired by Expedia Group, then as President of Vrbo. At Vrbo, Kim led the company's transformation from a subscription-based advertising model to a modern ecommerce business powered by data science and technology. Before Vrbo, Kim served as Expedia's Chief Product Officer. He has more than two decades of experience across venture-backed startups, medium-sized companies and globally known brands including Yahoo!, Overture, Accenture, Bank of America and Pelago.

In his role as PayPal's EVP, CPO, Kim will lead the consumer and merchant product and engineering teams. Together with his product and engineering leadership teams, he will work to advance PayPal's position as a leader in digital payments and commerce for consumers and merchants around the globe.

"I'm thrilled to welcome John Kim to the PayPal team," said Dan Schulman , PayPal President and CEO. "John is an outstanding leader with a proven ability to build and lead high performing global teams that drive new and innovative product development. Developing new products at scale that engage customers and merchants through an exceptional user experience requires a unique combination of talents, and we've truly found these in John."

Schulman continued, " Mark Britto had an indelible impact on PayPal. We have all benefited from Mark's leadership and his deep commitment to creating value for our customers. I wish him all the best in his future endeavors."

"I am incredibly excited to join the passionate and dynamic team at PayPal," said Kim. "PayPal stands alone at the intersection of technology, digital payments, financial services and commerce. The scale of its two-sided global platform and reputation as one of the most trusted consumer brands in the world are true differentiators. I have been inspired by conversations with Dan, Mark and other members of PayPal's leadership team. I am eager to work alongside the PayPal team to help drive the next phase of growth and enable future generations of global digital payments and commerce."

Kim's appointment marks the most recent addition to PayPal's Executive Leadership Team amongst several key hires this year, including Chief Financial Officer Blake Jorgensen in August and Chief Information Officer Archana (Archie) Deskus in March. Blake joined PayPal from Electronic Arts and has extensive experience driving operational excellence and shareholder value. Previously CIO of Intel, Archie is a highly accomplished technology executive who is working to optimize PayPal's internal technology processes and systems, ensuring PayPal has the most modern, secure, reliable and scalable technology foundation to drive meaningful innovation and serve customers.

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

Investor Relations Contacts

Gabrielle Rabinovitch
grabinovitch@paypal.com

Ryan Wallace
ryanwallace@paypal.com

Media Relations Contact

Amanda Miller
amandacmiller@paypal.com

Cision View original content: https://www.prnewswire.com/news-releases/paypal-appoints-john-kim-as-chief-product-officer-301620762.html

SOURCE PayPal Holdings, Inc.

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PYPL

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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Intuit Celebrates the Latino Community with "Unidos We Grow" Hispanic Heritage Month Campaign

Intuit TurboTax, QuickBooks and Mailchimp bring together the hispanic community to celebrate and financially empower individuals and entrepreneurs

Intuit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , today announces a month of special programming and resources to celebrate Hispanic Heritage Month. The series begins with a roundtable conversation of Hispanic business leaders including actor, author, and philanthropist George Lopez and award-winning journalist Soledad O'Brien. Intuit's "Unidos We Grow" campaign highlights the financial opportunities Hispanic consumers, businesses, and communities have to power their prosperity.

News Provided by Business Wire via QuoteMedia

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FIS Unveils Worldpay for Platforms, Enabling Software Providers to Transform SMB Commerce Experiences

Key facts:

  • The launch of Worldpay for Platforms combines the power of FIS' global merchant and banking solutions into one platform with embedded payments technology through its recent acquisition of Payrix.
  • Worldpay for Platforms empowers software companies that serve small-to-medium sized businesses (SMBs) to advance their users' businesses by more seamlessly embedding payments and finance features into their software or platform through a single integration.
  • This SaaS solution enables software providers, no matter the industry they serve, to help drive growth and user value for their SMB clients while leveraging a greatly reduced number of technology partners.

Financial technology leader FIS ® (NYSE: FIS) announced today that it is revolutionizing the way small-to-medium-sized businesses (SMBs) gain access to embedded payments and finance solutions through software providers with the launch of Worldpay for Platforms™ .

News Provided by Business Wire via QuoteMedia

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Join #UnidosWeGrow Roundtable with Actor George Lopez to Celebrate Hispanic Heritage Month

Free digital event hosted by Intuit QuickBooks, TurboTax and Mailchimp to learn how culture and community foster growth

To celebrate the start of Hispanic Heritage Month, INTUit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , is hosting a free online roundtable for consumers and small business owners on Thursday, September 15 with leading Latino entertainers, entrepreneurs and financial experts for a candid conversation about the important role that culture and community play in reaching personal and professional growth goals.

News Provided by Business Wire via QuoteMedia

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FIS Ranks First in 2022 IDC FinTech Rankings

Key facts:

  • FIS takes top ranking in the 2022 IDC Financial Insights FinTech Rankings.

Financial technology leader FIS ® (NYSE: FIS) announced today that it has ranked first in the 2022 IDC FinTech Rankings . The ranking features the top 100 global providers of financial technology based on prior-year revenue. FIS has been first in the IDC FinTech rankings for nine of the past 12 years.

News Provided by Business Wire via QuoteMedia

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Why Consider Fintech Investing? (Updated 2022)

Why Consider Fintech Investing? (Updated 2022)

The digitization of the financial industry has accelerated in recent years, and investment in fintech has emerged as an attractive wealth-building opportunity for investors.

In 2021, global fintech investment totaled US$210 billion, according to KPMG. “Expansion” is the word the firm used to describe the fintech market for the year, as that figure was double the previous year's investment.

KPMG attributes 2021’s success to growing deal sizes in a wide variety of fintech subsectors — from cryptocurrencies and blockchain to wealthtech and cybersecurity.

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Intuit Hosts Annual Investor Day on Sept. 29

INTUit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , will host its annual Investor Day on Sept. 29 at 8:00 a.m. Pacific time, at its headquarters in Mountain View, CA.

Chief Executive Officer Sasan Goodarzi and Chief Financial Officer Michelle Clatterbuck will be joined by other business leaders to discuss Intuit's strategy for fiscal year 2023. The company's fiscal year runs from August 1, 2022 to July 31, 2023.

News Provided by Business Wire via QuoteMedia

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