PayPal Ventures shutters amid company restructuring

PayPal is shutting down its venture capital arm, PayPal Ventures, as part of a broader company restructuring under new CEO Enrique Lores. The move, confirmed by a company spokesperson, follows the departure of former CEO Alex Chriss. PayPal Ventures, established in 2016, made over 80 investments in fintech and crypto startups. The closure risks reducing PayPal's visibility into emerging financial technologies and potentially causing it to fall behind competitors. The company is reportedly exploring secondary sales for its venture holdings to streamline operations and refocus on core business fundamentals, including a renewed emphasis on becoming a technology company, particularly in the AI space.