The pitch deck that Honey used before PayPal's $4 billion acquisition - Business Insider

More than 160 million online shoppers got asked this question during check-out in 2014, according to, a startup that makes a browser extension for finding coupons. The problem is that many of them left the merchant's website to search for a promo code and never came back to place their order.

In 2012, Honey's founders set out to solve for one of e-commerce's biggest profit eaters. When a user is online shopping, Honey scours the web for available coupons and surfaces the best ones in a browser extension. The company takes a commission on every transaction it helps close, and last year, it booked $100 million in revenue.

Honey's promise to merchants — that it could turn shoppers into customers, lowering cart abandonment — made it an irresistible acquisition for payments company PayPal, whose services are focused on checkout. In November, the company cofounded by Peter Thiel said it agreed to buy Honey in a $4 billion cash deal, its biggest ever acquisition.

PayPal has some 24 million merchants signed up for its payments solutions. An integration with Honey makes its service more valuable to them, PayPal's president and chief executive Daniel Schulman said in a recent analysts call. "Almost 40% of all e-commerce is done through some sort of trigger event," Schulman said. "There's a personalized offer that comes in. There's a deal that somebody sees. ... We think that Honey actually has the leading platform and capabilities around that. And that adds a tremendous amount of relevance to our consumers."

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