Discount app from Paypal launched in Europe

Paypal bought Honey for four billion US dollars and has now launched the discount app in Germany and four other European countries. The market launch in Europe took place quietly, Paypal has so far remained silent.

Paypal has quietly launched its Honey discount app in Europe. Two months ago, it was launched in the German app store, and one month later it was also available in the Netherlands, Spain, Italy and France, according to Finance Forward now reports. Honey carried out an initial test run for the German market back in 2020, when it increasingly placed ads on Facebook and cited German companies as examples of discount campaigns, as Finance Forward researched.

In 2019, Paypal bought the start-up Honey for four billion US dollars - a price that surprised many, as the company had only raised 40 million euros by then and had not even received a billion-dollar valuation. But Paypal had confidence in the offer: with Honey as an app or browser extension, the discounts available from providers are displayed at the same time as shopping or when the price of the desired product drops, and Honey offers discounts for loyal customers. Honey earns from the commissions.

With 325 million customers worldwide, Paypal has a great advantage to facilitate Honey's market launch. Paypal had high expectations for the company founded by Ryan Hudson and George Ruan in Los Angeles in 2012, but it has not yet achieved any major successes. In 2020, Paypal's turnover grew by 21 percent, with Honey accounting for just one percentage point. Paypal itself is currently valued at 350 billion US dollars and has so far remained silent on the market launch of its app in Europe - presumably the service will first be expanded until there is a big media hype about it.