Logistics firm Shiprocket has raised $41.3 million ( ₹305 crore) in series D funding from Paypal, Info Edge Venture, and Temasek Holdings. The funds will be utilised for product expansion, R&D and talent acquisition. Shiprocket’s offerings has included using machine learning algorithms to accurately predict delivery dates. These algorithms will also help merchants seamlessly choose across various courier partners etc.
PayPal Holdings has appointed Enrique Lores, CEO of HP to their board of directors, starting June 29. PayPal now has 12 members on its board after the addition of Lores. He has been a part of HP for almost three decades and has played a role in splitting HP into two publicly listed companies. He was also a part of HP’s $1.05 billion acquisition of Samsung’s printer business in 2017.
PayPal’s Dr. V. Chandramouliswaran feels PayPal is in risk business as it uses story-based analytics to fight frauds and risks. He feels the approach used by PayPal is different. Their system has over 500 petabytes of data that requires 2 petabytes to process in seconds. To assess the risk and payments all 3 trillion events are added. Customers’ past behavior is also analyzed using sophisticated algorithms, deep learning, active learning, and multi-class models.
Websites all over the world, after being affected by the outage of Fastly Inc., came back online on Tuesday. Popular websites like Reddit, Amazon, CNN, Paypal, Spotify, Al Jazeera Media Network, and the New York Times were all in the list of sites hit by the outages that lasted for a few minutes to an hour. Fastlys website said, most of its covered areas faced degraded performance. The UK’s main gov.uk website was also down.
Google pay users can now transfer money from the US to India and Singapore. Partnering with Wise, Google is looking to expand its user base to 80 countries from 40 geographies. Similarly, it will expand operations in many more countries with Western Union by end of this year. Facing competition from PayPal and other such companies in the $470bn market, Google is trying to ramp up its digital sector.
PayPal, the online payment company worth $300bn, is likely to emerge as a Super App. CEO Dan Schulman said having different apps for different tasks was not viable, instead of having one app for all sorts of payments would be convenient. It is estimated that at least 25% of US adults that struggle to access mainstream financial services would be open to testing the super app. Schulman has been pursuing investors and other companies to continue partnering with PayPal.
One of the most popular payment app in the USA Venmo has allowed users to buy, hold and sell cryptocurrencies on its platform. The 70 million users of the app, owned by Paypal, will now be able to trade digital currencies including bitcoin, ethereum, litecoin and bitcoin cash. Venmo is quite popular among the younger generation who use it to pay friends and family. The app has processed around $159 bn of payments during the last year.
PayPal will start allowing its users in the USA to use cryptocurrencies to pay its online merchants across the globe. Those having bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will be able to convert them into currencies at checkouts to make the transaction. PayPal is working on the service since late last year, and in few months it will be available to its 29 mn merchants.
PayPal has officially announced its plans to acquire Curv, a cryptocurrency startup based in Tel Aviv, Israel. Curv is a cryptocurrency security company that stores crypto assets and has a cloud-based service. The payment giant has been aggressively venturing into the cryptocurrency space and has partnered with Paxos so that U.S. users can buy, hold and sell cryptocurrencies from their PayPal account.