PayPal is acquiring discount finding browser add-on Honey for $4 billion

The deal-seeking browser add-on Honey is being acquired by online payment giant PayPal for $4 billion, both companies announced on Wednesday.

In statements made by both PayPal Holdings, Inc. and Honey Science Corporation, the companies have agreed to the acquisition for mutual growth.

PayPal's motivations for buying Honey might not be immediately clear, though the acquisition announcement on Honey's end explains that PayPal is the best company to help Honey reach its potential. They cite PayPal's mission, "to democratize financial services and empower everyone to improve their financial health," as closely aligned with their mission, "to make money fair."

With 17 million users and 350 employees, Honey believes this acquisition will help accelerate its growth. That said, the short term plan for Honey is to stay the course and maintain its add-on for Google Chrome, Microsoft Edge, and Mozilla Firefox. Visiting joinhoney.com with one of the supported browsers will automatically link you to the extension's page within their respective official download stores. Its headquarters and employees will remain in Los Angeles, California.

Further coverage: Honey News article PayPal Newsroom Press release TechCrunch