PayPal’s Chief Strategy Officer to depart next year

PayPal’s Chief Strategy Officer to depart next year, Square launches a booking app, Square Go, and Mercado Libre CFO, Pedro Arnt, steps down

August 12, 2023 • Estimated Reading Time: 7 minutes

Hi!

Hope it’s been a great week for you! The second half of the week was somewhat quiet in the Fintech world. The calm before the storm as they say, right? A few stories for me to wrap this week:

  • PayPal’s Chief Strategy Officer to depart next year,

  • Square launches a booking app, Square Go, and

  • Mercado Libre CFO, Pedro Arnt, steps down

Thank you for reading and have a great weekend!

Jevgenijs

p.s. have feedback? DM me on Twitter

PayPal’s Chief Strategy Officer to Depart Next Year

Jonathan Auerbach, PayPal’s (NASDAQ: PYPL) Chief Strategy, Growth and Data Officer overseeing the company’s cryptocurrency unit, will transition to an advisory role by the end of this year and will depart the company in June next year. This move coincides with PayPal's ongoing CEO search, as the current CEO, Dan Schulman plans to retire by the end of the year. Auerbach has been with PayPal since 2015, and his responsibilities included leading the company's Blockchain, Crypto, and Digital Currencies business unit, which oversaw the launch of PayPal's U.S. dollar-pegged stablecoin.

As a reminder, earlier this week, PayPal introduced its stablecoin PayPal USD (PYUSD), which is backed by deposits and short-term treasuries and can be redeemed 1:1 for U.S. dollars. Eligible U.S. PayPal customers can use PYUSD for various purposes, including transferring between PayPal and external wallets, making person-to-person payments, funding purchases, and converting between supported cryptocurrencies. The stablecoin, which aims to bridge the gap between fiat and digital currencies within the PayPal network, is issued by Paxos Trust Company as an ERC-20 token on the Ethereum blockchain.

Square Launches A Booking App, Square Go

Square (NYSE: SQ) has launched a new consumer booking app called Square Go, which enables users to easily discover and schedule appointments with independent beauty and personal care service providers in their area. The app aims to enhance Square seller visibility and aid professionals in expanding and retaining their customer base. Square Go is integrated with Square Appointments and is initially focused on the beauty and personal care industry while planning to expand to other industries in the future. Currently available for iOS users in the US, Square Go is free for both consumers and businesses.

Square’s move follows the footsteps of Google, which partnered with Stripe to enable paid appointment bookings through Google Calendar. This collaboration leverages Stripe’s Connect and Checkout platforms and allows customers to make payments while scheduling appointments in Google Calendar. Businesses can connect their Stripe accounts, set prices, and offer clients the option to book and pay for services within Google Calendar, restricting access to meetings until payment is made. The paid appointment booking feature will be rolled out globally to selected Google Workspace subscribers.

Mercado Libre CFO, Pedro Arnt, Steps Down

Pedro Arnt, the Chief Financial Officer of Mercado Libre (NASDAQ: MELI) is leaving the company after a 24-year tenure. During his time with the company, Mercado Libre expanded its logistics network, developed its Fintech arm Mercado Pago, and established itself as a significant player in the LatAm e-commerce market. Arnt joined the company in 1999 as a vice president for marketing and sales. His departure is aimed at pursuing new opportunities. Martin De Los Santos, a senior vice president from the credit division, will be taking over as the new CFO.

If you are listening to Mercado Libre’s earnings call, you would be familiar with Pedro Arnt. Last week, Mercado Libre reported its second-quarter results, posting a 31% YoY growth in total revenue to $3.42 billion. Commerce revenue increased by 37.9% YoY to $1.94 billion, while Fintech revenue rose 24.0% YoY to $1.48 billion. The revenue was driven by a 47% YoY growth in Gross Merchandise Volume and a 96% YoY growth in Total Payment Volume. Net income for the quarter more than doubled to $262 million, compared to $163 million in the second quarter of 2022.

Mercado Libre's stock (NASDAQ: MELI) is up 4,715% since its IPO in August 2007. In its first quarter as a public company (Q2 2007) the company reported total revenue of $18.9 million. As mentioned above, in its latest quarter, the company reported total revenue of $3.42 billion. This is just mind-blowing!

Cover image source: PayPal

Disclaimer: Information contained in this newsletter is intended for educational and informational purposes only and should not be considered financial advice. You should do your own research or seek professional advice before making any investment decisions.

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