2 hours ago - Business

PayPal Ventures to wind down

Dan Primack,
Ryan Lawler

PayPal CEO Enrique Lores — Photo: Annabelle Chih/Bloomberg via Getty Images

PayPal Ventures is shutting down and may sell off some of its portfolio on the secondary market, according to Fortune.

Why it matters: It was one of fintech's most active corporate venture investors, pumping more than $850 million into companies like Anchorage Digital, Divvy, and Plaid.

The bottom line: New CEO Enrique Lores is trying to simplify things and pare down the business into parts that could potentially be sold off or have the entire thing taken private, so having a standalone CVC doesn't really make a whole lot of sense.

Plus, selling some of the portfolio could probably provide a short-term earnings boost while he figures out the bigger strategy.

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PayPal Ventures to wind down

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