PayPal reported one of its strongest quarters in its history this week, with record performance across key operating and financial metrics. An influx of new customers and record number of payment transactions drove PayPal’s strong growth. Key highlights included:
Total Payment Volume (TPV) of $247 billion, growing 38%, and 36% on an FX-neutral basis (FXN); revenue of $5.46 billion, growing 25% on a spot and FXN basis
GAAP EPS of $0.86, up 121% and non-GAAP EPS of $1.07, up 41%
15.2 million Net New Active Accounts (NNAs) added; ended the quarter with 361 million active accounts
In August, we introduced "Pay in 4," a short-term installment offering for which enables consumers in the U.S. to make a purchase and pay over four, interest-free installments.
In October, we launched a new service enabling users to buy, hold and sell cryptocurrency directly from their PayPal account, and announced our plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
PayPal and JUST Capital, in collaboration with Financial Health Network and Good Jobs Institute, unveiled the Worker Financial Wellness Initiative, a new effort to make workers’ financial security and health a C-suite priority. The initiative helps equip companies with new tools and resources to measure the financial security of their workforce and to take actions to ensure their employees are not struggling financially.
Venmo introduced its first-ever Venmo Credit Card, issued by Synchrony and powered by the Visa network.
In Q3, PayPal Ventures made investments in: Brazilian Fintech, Neon; Japan eCommerce Tool, hey; and U.S. Extended Warranty Startup, Extend.
More than 1,600 companies have now joined the PayPal founded initiative, Time to Vote, a business-led, nonpartisan coalition that aims to increase voter participation in the U.S. elections.
PayPal ranked 3rd on Fortune's annual Change the World list and was recognized for our employees-first approach and efforts to bolster the financial health and security of the company’s global workforce.
Small Business Resilience
In September, as part of our $530 million commitment to support Black and minority owned businesses, we announced 20 nonprofit community partners that will receive grants and contributions totaling $5 million to support Black-owned businesses across the U.S. in their recovery from the impact of the COVID-19 pandemic.
We featured some of the incredible businesses we’ve invested in including Cam Kirk Studios, an Atlanta based studio for creatives and third generation Los Angeles business, 27th Street Bakery Shop.
The third season of PayPal President & CEO, Dan Schulman's video and podcast series, Never Stand Still, has continued with new dynamic guests in a virtual format. In the second half of the season, Dan spoke with world renowned cellist Yo Yo Ma, Santander Group Executive Chairman Ana Botin, and MercadoLibre Founder and CEO Marcos Galperin. We’ll conclude this season this month with interviews highlighting Shellye Archambeau, one of Tech’s first Black woman CEOs and Salesforce Founder and CEO Marc Benioff.