The inclusive mission to reimagine money and democratize financial services so people around the world can live more financially healthy and secure lives is at the heart of PayPal’s business.
Since becoming an independent company again in 2015, PayPal has consistently and deliberately aligned its commitments, actions and strategic roadmap to this mission – both internally, and for the benefit of global customers and communities. As the company’s employee community has grown and the business has scaled to support more than 377 million consumers and merchants around the world, PayPal has continued to cultivate an enduring, purpose-led culture to advance these efforts.
This work became increasingly critical and urgent in 2020, as the global pandemic and subsequent economic crisis exacerbated deep structural inequality. Following an initial round of contributions to community groups working to help close the racial wealth gap, PayPal embraced a multi-stakeholder approach – a hallmark of the company’s strategy – to better understand the support and investments needed to sustain Black-owned businesses to create long-term economic opportunity. Through this work, PayPal announced a multi-dimensional $535 million commitment to social justice and racial equity. The holistic set of initiatives – including $15 million in Empowerment Grants for Black and minority-owned small businesses to cover expenses related to stabilizing and reopening – was designed to help address the immediate crisis and set the foundation for sustained progress towards economic equality.
PayPal also continued to harness the power of technology, partnerships and scale to make giving part of everyday life and enable unprecedented levels of support for charitable organizations in 2020. Last year, the PayPal community donated more than $17.6 billion to nonprofits and causes; and on GivingTuesday, the company processed a record-breaking $185 million in donations worldwide. The company stood up Covid-19 giving campaigns in 12 markets with PayPal Giving Fund and accelerated the rollout of products and services to meet the moment for customers navigating the global pandemic. From expanding their “Give at Checkout” product to introducing PayPal’s Generosity Network, the company continued to power giving on a global scale by creating natural touchpoints for their customers to support their favorite causes.
“Creating a more just and equitable future will require ongoing commitment and collaboration across sectors,” said Franz Paasche, SVP Corporate Affairs, PayPal. “Driven by our mission and values, PayPal will continue to draw on the strength of our platform, the passion of our employees, and our trusted partnerships in our efforts to further social impact at scale. This is a critical time to accelerate focus on the financial health and economic empowerment of those who are most vulnerable in our communities, and to create equitable access to affordable, convenient and secure financial services and commerce. We are honored to be recognized as this year’s Engage for Good Golden Halo for Business recipient and are determined to continue making a difference.”