PayPal, a US-based payments company, is building an advertising business using its user data. The company plans to create the ad network by leveraging information from what people buy and how they spend money. This data comes from people who use PayPal and Venmo.
To lead the advertising business, PayPal has hired Mark Grether. He was previously the vice president and general manager of Uber Advertising and brings over 20 years of experience in the advertising industry.
According to the company’s statement, “PayPal’s long-standing relationships with millions of consumers and merchants make the company uniquely positioned to create an advertising platform that is rooted in commerce. Grether will join the company to build an advertising business that will help make merchants smarter to sell more products and services effectively, as well as enable consumers to discover more of what they love.”
The advertising business will include PayPal’s advanced offers platform. It will use customer insights to create a dynamic and personalised service. This will help merchants spend their advertising money more effectively and provide consumers with attractive offers.
The company has also onboarded John Anderson as SVP and general manager of the consumer group. He will be responsible for PayPal’s consumer business and product strategy for PayPal and Venmo worldwide. Previously, he was head of product and payments at Plaid and worked at Meta for 10 years in several product and leadership roles.
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