Enrique Lores Outlines Strategy to Repair PayPal Holdings, Inc. Through Reorganization and Financial Services Expansion

To generate more profitable revenue, Lores intends to focus more on consumer customers, moving away from an overemphasis on the merchant side of the network. A central part of this plan includes selling more financial services to users, such as expanding buy now, pay later installment financing services. The company is also pursuing acquisitions and technology modernization. Lores noted that the company will begin looking at potential acquisitions in the next quarter. Additionally, the administration of the company is working to unify Braintree, PayPal Complete Payments, and Hyperwallet into a single foundation to improve interoperability and expand merchant lending and payouts. These efforts come as PayPal Holdings, Inc. faces competition from fintechs like Klarna Group and Affirm Holdings. The company is also seeking to establish a Utah industry loan company to further expand its financial services offerings.