April 29 (Reuters) – PayPal’s new CEO is making mobile payments app Venmo a separate business as part of a broader reorganization, according to a report by CNBC on Wednesday.
Venmo will soon operate as a standalone segment within PayPal, a move that will make it easier to track its performance or potentially sell the business, according to the report.
The restructuring at PayPal comes months after Bloomberg reported that payments firm Stripe was considering an acquisition of PayPal or parts of the company.
Shares of the company were up 2%. PayPal did not immediately respond to a Reuters request for comment.
(Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)
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