PayPal Ventures folds: how $1.5B in cuts wiped out a 24-year bet on 14 unicorns (opens in new tab)

Covers Exclusive: PayPal winds down venture arm as fintech giant restructures under new CEO

PayPal is closing PayPal Ventures, its corporate venture capital arm founded in 2002, as new CEO Enrique Lores aims to save $1.5B and cut 20% of the global workforce. The unit backed 14 unicorns including Plaid, Olo, and Tabby.

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