PayPal Company Information
PayPal, originally Confinity, was founded in 1998 by Max Levchin, Peter Thiel, and Luke Nosek. Confinity started as a digital security software company with an aim towards handheld devices and cryptography. However, when this approach failed, the company shifted gears towards digital payments.
In 1999, the company launched the first version of what would come to be known as the PayPal payment system. The following year, 2000, saw the company merge with x.com. X.com was a financial services company launched in 1999 by Elon Musk, Harris Fricker, Christopher Payne, and Ed Ho.
Following this merger, Thiel replaced Musk as CEO of X.com, and the company officially rebranded as PayPal. In 2002, PayPal went public. Shortly after going public, PayPal was acquired by eBay. This allowed the service to become the default payment method on the online auction site.
Since then, PayPal has acquired several digital companies and partnered with other payment providers, such as Mastercard. Today, it is one of the United States' largest corporations based on revenue.
Company Name |
PayPal Holdings, Inc. |
Founded |
1998 |
Founders |
Max Levchin, Peter Thiel, Luke Nosek, Ken Howery, Yu Pan, and Russel Simmons |
Headquarters |
2211 North First Street, San Jose, California, U.S. |
Website |
www.paypal.com |
Legal US Status |
Legal |
Products |
E-Wallet |
Revenue |
US$25 Billions |
Number of Employees |
30,900 (2021) |
Public Company |
Yes |
Traded as |
NASDAQ: PYPL |
The COVID-19 pandemic proved to be something of a boon for PayPal. While other banking services struggled during lockdowns, increases in online shopping globally saw PayPal experiencing accelerated growth throughout 2020.
The company's corporate headquarters are based in San Jose, California, with international offices across the globe. To date, PayPal is available in 200 countries worldwide. However, the service is sometimes different in each country.
Some countries allow the use of PayPal only for sending money, not receiving it. This is the case in 97 countries globally. In 18 countries, PayPal users cannot hold a balance in their PayPal account. Conversion to local currency is a service PayPal offers in just 21 countries.
In the United States, PayPal is classed as a money transmitter, meaning it is regulated differently than a bank or other financial institution. However, its licensing and classification differ based on a state-by-state basis and local laws.