America’s largest player in online payments (with 237 million accounts), PayPal is harnessing its huge scale to increase access to financial services for underbanked populations—and boosting the economy as a result. Over the past five years, for example, the company has loaned more than $5 billion to 150,000 small businesses—especially those in regions that lost brick-and-mortar bank branches after the financial crisis—through its Working Capital offering, which lets borrowers pay back the money with a cut of their PayPal sales. It has also mobilized the generosity of its vast community, with $8.5 billion donated to charity by PayPal customers and merchants in 2017.
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"There are bills to be paid, groceries and gas to be bought, families to support," writes PayPal CEO Dan Schulman.
Companies including Amazon, Facebook, United Airlines, and more are giving back
The division operates at a loss and has few revenue sources.
The service was favored by the suspect of the Pittsburgh synagogue shooting.
PayPal Holdings Inc. rallied as much as 9.5 percent after beating third-quarter estimates.