PayPal buying shopping and rewards company Honey for $4B

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SAN JOSE, Calf. — Payments platform PayPal says it is buying shopping and rewards company Honey Science Corp. for $4 billion.

Founded in 2012, Honey helps people find online coupons and discounts while they shop online. It has about 17 million monthly users.

PayPal Inc. said Wednesday the acquisition will help its merchants attract new customers by offering personalized deals and offers. It says it also hopes to reach shoppers earlier, not just when they are paying at checkout.

PayPal says Honey will keep its headquarters in Los Angeles and its co-founders will join PayPal, which is based in San Jose.

The acquisition comes amid growing competition in the online payments market.

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