History of PayPal
PayPal was founded in December 1998 by Max Levchin, Peter Thiel, and Luke Nosek under the name Confinity. Initially, the company focused on providing software security services for handheld devices before pivoting to a digital wallet platform. In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk. Shortly after, X.com refocused its efforts on creating an easy-to-use digital payments platform, which eventually became PayPal.
PayPal gained popularity quickly as a convenient way for users to make online transactions, particularly for eBay users. In 2002, eBay acquired PayPal for $1.5 billion, enabling the company to expand its reach. During its time under eBay, PayPal continued to grow, adding new features such as mobile payments, fraud protection, and integration with various online merchants.
In 2015, PayPal became a separate publicly traded company again, after being spun off from eBay. The company has since grown into one of the leading global payment platforms, providing a range of financial services, including online payments, peer-to-peer money transfers, and mobile payments, with millions of active users worldwide.