PayPal (PYPL) is on the hunt.
Shares of the digital payment’s giant have surged 61% this year, blowing away Facebook (FB) , Apple (AAPL) and JPMorgan (JPM) . After talking with PayPal CEO Dan Schulman at length, you can see why Wall Street has embraced the stock. PayPal is really reinventing itself. In short, it’s striking new deals to open up its platforms to others such as Facebook and Baidu (BIDU) . Meanwhile, Schulman explains the coming Apple Pay Cash may not instantly be a major threat to PayPal’s popular Venmo service — building a Venmo won’t happen overnight for Apple.
And amidst such heightened competition and rising cash on its balance sheet (more than $7 billion, and no debt), Schulman revealed PayPal is hunting for an acquisition. Nothing is imminent Schulman said, but the hunt is on.
“There are a tremendous amount of things that we want to do — we have clearly moved beyond being one product and into a suite of services,” Schulman told TheStreet. We have no plans to leverage up our balance sheet right now, but there are assets around the world that range from under $100 million to a couple billion, and we look at all of them. We look at hundreds of assets — but I often say, the best deal you do is the deal you didn’t do because we are pretty disciplined.”