PayPal Offering Stock Trading
This is a new level in the fintech playbook: offer customers the opportunities to trade stock. Yes, PayPal wants to offer a stock-trading platform for users: "Trading has become a booming business for the companies that offer it. PayPal rival Square offers stock and cryptocurrency trading through the Square Cash App, and its CFO has said the app drives engagement and revenue per user. Robinhood, which became a publicly traded company this summer, has seen explosive growth with more than 22.5 million customers and doubled revenue in the most recent quarter from a year ago."
PayPal is exploring ways to let users trade individual stocks, according to two sources familiar with the plan.
As part of the expansion, according to one of the sources, the payment giant hired a brokerage industry veteran to lead “Invest at PayPal” — a previously unreported division of the payments giant.
The move comes amid a retail trading boom that brought millions of new investors into the stock market, along with more regulatory scrutiny for some brokerage firms