PayPal reportedly looking to take on Robinhood with its own trading platform
PayPal has allegedly already held talks with several industry partners as it looks to explore investment opportunities for its US customers.
Over the last year, we’ve seen retail investors launch a frenzied attack on the stock market, creating record highs (and lows) and seeing the rise of ‘meme stocks’ and it looks like PayPal is looking to get in on the action.
According to CNBC, the international payments app is looking into releasing its own stock trading outfit for its American users.
PayPal has reportedly already held talks with a number of industry partners but is unlikely to roll out its new venture before the end of the year.
Hagen is “leading PayPal’s efforts to explore opportunities in the consumer investment business” and brings with him a wealth of experience having launched his own investment brokerage TradeKing, which was bought by Ally Invest back in 2016.
If the rumours come to fruition, PayPal could be the largest trading platform on the market, already counting 400m customers worldwide.
Just like the company’s crypto trading offering, it’s unlikely that the trading platform would make its way over to the UK anytime soon.
AltFi reached out to PayPal for comment, but it is yet to provide one.