• Source: PayPal Honey

PayPal Honey, formerly known as Honey, is an American technology company and a subsidiary of PayPal known for developing a browser extension that aggregates and automatically applies online coupons on eCommerce websites.




History


Entrepreneurs Ryan Hudson and George Ruan founded Honey in November 2012 in Los Angeles, California, after building a prototype of the browser extension in late October 2012. A bug tester leaked the tool to Reddit, where it went viral. By March 2014, the company had 900,000 organic users.
Honey raised a $26 million Series C round, led by Anthos Capital in March 2017. By January 2018, Honey raised a total of $40.8 million in venture backing.
On January 6, 2020, it was acquired by PayPal for about $4 billion. Nearly immediately after PayPal acquired Honey, Amazon claimed to its users that the extension was a security risk that sold personal information. A Wired magazine article, written shortly after the acquisition, questioned whether the claim was motivated by PayPal's newly acquired ability to compete against Amazon.
In June 2022, the company was renamed PayPal Honey.




Marketing


PayPal Honey has become known for its heavy use of YouTube advertising and channel sponsorships for its marketing. Similarly to NordVPN, Amazon's Audible and Raid: Shadow Legends, it offers paid sponsorships to popular YouTube channels to advertise the service to its viewers.
In 2019, the company became a shirt sponsor of the NBA team, Los Angeles Clippers.
In 2020, PayPal Honey launched a web series called "Honey Originals", where Honey partners were interviewed, including segments "20 Questions with _" and "Add To Cart with _".




Revenue


PayPal Honey's revenue comes from a commission made on user transactions with partner retailers. When a member makes a purchase from merchants partnering with the company, Honey shares part of their commission with the member in a cashback program. Users are notified of price drops and price history on selected items sold by participating online stores.




References






See also


Shopkick

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• Major League Soccer 2022
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