Max Levchin, Peter Thiel, and Luke Nosek founded Confinity. Thiel and Levchin met at Stanford University after Thiel gave a guest lecture and the two began to work together on the concept of a digital wallet. The company initially focused on mobile payments sent from Palm Pilots and other PDAs, but a Confinity employee developed a way to send money transfers through email. That service became PayPal in 1999. After gaining traction and taking its first few steps on the eBay platform, Confinity merged with Elon Musk’s X.com, taking the parent company’s name. Eventually, after proving its success as a product, the company adopted the name PayPal, Inc. Doing things in their own way paid off for the PayPal team as they were able to file for an IPO in late 2001, later completing the IPO in February 2002. Later in 2002, eBay acquired PayPal for USD 1.5 billion.
The incredible story of PayPal mafia
The incredible story of PayPal mafia
The incredible story of PayPal mafia
Max Levchin, Peter Thiel, and Luke Nosek founded Confinity. Thiel and Levchin met at Stanford University after Thiel gave a guest lecture and the two began to work together on the concept of a digital wallet. The company initially focused on mobile payments sent from Palm Pilots and other PDAs, but a Confinity employee developed a way to send money transfers through email. That service became PayPal in 1999. After gaining traction and taking its first few steps on the eBay platform, Confinity merged with Elon Musk’s X.com, taking the parent company’s name. Eventually, after proving its success as a product, the company adopted the name PayPal, Inc. Doing things in their own way paid off for the PayPal team as they were able to file for an IPO in late 2001, later completing the IPO in February 2002. Later in 2002, eBay acquired PayPal for USD 1.5 billion.