PayPal Shares Surge 10% on Stripe Acquisition Rumors

PayPal stock jumped over 10% on Tuesday following unconfirmed reports that the rival payments giant Stripe is exploring an acquisition of the company’s core business units. The rumors, first reported by Bloomberg, suggest that exploratory discussions are in early stages as Stripe looks to combine its modern API-first infrastructure with PayPal’s massive consumer brand and merchant network. While both companies have declined to comment, the news has sparked a rally across the fintech sector, which has been seeking consolidation after years of intense competition.