Like so many other business leaders last winter, PayPal CEO Dan Schulman didn’t believe Vladimir Putin would actually send Russian forces into Ukraine. “I thought for sure there would be politics that would intervene,” Schulman recently told Fortune. So when infantry and tanks barreled across the border toward Kyiv on Feb. 24, Schulman and his team faced a distressing surprise, and a flood of tough tasks.

Job one was making sure employees and customers’ balances were safe on both sides of the border. (Russia and Ukraine together accounted for about half of 1% of PayPal’s revenue in 2021.) The company quickly shut down its Russia operations. But far more urgent was the challenge of extending a lifeline to the swelling numbers of Ukrainians displaced by the war. Refugees would need humanitarian aid; and both those who left and those who stayed would need to access money even as their banks were shuttered, hacked, or destroyed. PayPal and its partners would have to quickly vet a swath of pop-up Ukraine-focused charities; verify the identities of those who said they were displaced; and put fraud protections in place for users who were now hundreds or thousands of miles from their homes.

Experience and global reach made those tasks less daunting. PayPal has long-standing relationships with central banks and regulators worldwide, including in Ukraine. Its donation platform, PayPal Giving, had already been used by some 400 million customers and merchants before the war broke out. Under normal circumstances, building a person-to-person payment network that could reach hundreds of thousands of people would take nine months to a year; PayPal had one up and running in Ukraine in nine days. “I told the team, like, let’s move mountains,” Schulman recalls.

PayPal has certainly moved an enormous amount of much needed money. Through late September, its customers used the platform to raise more than $600 million for relief efforts in Ukraine. PayPal has also helped Ukrainian citizens receive and send another $330 million in person-to-person payments and money transfers. And it has tallied almost 300,000 new Ukrainian account sign-ups since the war began. Someday those may become paying customers, but that’s a question for a more peaceful day: PayPal is waiving all money transfer and remittance fees for Ukrainian accounts through Dec. 31.
Courtesy of PayPal

Company Information

As of 2/1/2023
San Jose
Consumer Credit Card and Related Services
Daniel H. Schulman
Company Type
Revenues ($M)
Profits ($M)
Market Value ($M)
Figures are for the latest twelve months ended Sept. 30, 2022. Market value as of Jan. 20, 2023. Sources: Bloomberg; S&P Global.

Change the World

Impact Segment
Human Rights/Social Justice
Business Services
Prior Year Rank

Historical Data

YearRevenues ($M)Profits ($M)
FortuneDataStore ad
Lists ranking PayPal Holdings
Fortune 500 - 2022This year’s Fortune 500 marks the 68th running of ...READ MORE
Change the World - 2022...READ MORE
World's Most Admired Companies - 2023The 25th Fortune World’s Most Admired Companies li...READ MORE
Fortune Modern Board 25 - 2022Fortune collaborated with the Diligent Institute t...READ MORE