The above graph represents worldwide PayPal revenue by year, starting from fiscal 2011 to the recently completed year. PayPal revenue in 2019 reached an all-time high of $17,772 million ($17.8 billion), globally. The company recorded an impressive 15% YoY growth in its annual revenue, primarily driven by growth in TPV (Total Payment Volume) of 23% in 2019.
PayPal Global Revenue: History
|Source||PayPal Annual Reports|
|Note||PayPal fiscal year starts from January 1st|
The growth in PayPal’s annual revenue for fiscal 2019 was less than the previous year. PayPal global revenue in 2018 surpassed $15,451 million ($15.5 billion), with 18% YoY growth.
In fiscal 2016, PayPal achieved a much-awaited milestone of $10 billion in yearly revenue. Between 2011 and 2018, PayPal revenue increased over 3 folds, from $4.49 billion to $15.46 billion. In the coming years, the growth rate is expected to accelerate further as the exploded adoption of the internet and mobile has revolutionized the global e-commerce market.
Founded in December 1998 as Confinity Inc., by Max Levchin, Peter Thiel, Luke Nosek, and Ken Howery, PayPal Holding Inc. (NASDAQ: PYPL) was funded by John Malloy from BlurRun ventures.
However, it was March 2000, when Confinity merged with X.com, an online banking company founded by Elon Musk in November 1999. The visionary Musk was quick to visualise the future potential of the money transfer business Confinity was developing. In contrast to that, Bill Harris, the then-president and CEO of X.com, didn’t find much merit in Musk’s thoughts. Soon, Harris decided to part ways was Musk was determined to stay focused on Confinity money transfer service. He was so committed that he terminated the company’s all other Internet banking operations in order to remain focused on the money transfer business.
All these shifts created an impact on Elon Musk’s position in the company he was replaced by Peter Thiel as CEO of X.com. In the following year, the X.com was renamed as PayPal.
The astounding growth of PayPal convinced executives to launch the IPO of PayPal in 2002. After the celebrated acquisition by eBay Inc. (NASDAQ: EBAY) in July 2020 which valued PayPal $1.5 billion – 7% above the IPO price – it was clear that PayPal is en route to become a global leader in money transfer business.
After thirteen years of being under the umbrella of eBay, PayPal once again became an independent publicly traded company.
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