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PayPal buys AI predictive retail startup Jetlore

RBR Staff Writer Published 01 June 2018

Online payments services provider PayPal has acquired Jetlore, a startup which specializes in artificial intelligence(AI)-powered retail technology, for an undisclosed amount.

Established in 2011, Jetlore is based in San Mateo, California. The company was started by Stanford University's computer science program Ph.D. students with a goal of applying machine learning power to retail market.

Jetlore has developed a prediction platform that is used by online retailers such as Uniqlo and Nordstrom Rack to deliver personalized customer experiences for increasing sales and loyalty.

The company is led by several veterans in retail AI including Eldar Sadikov, Montse Medina and Sergey Andreev, who will join PayPal, with the acquisition.

Jetlore’s workforce and AI-powered technology is expected to enhance and accelerate PayPal’s marketing solutions and will add new capabilities that continue to expand its value proposition for merchants beyond the online checkout experience.

PayPal commerce solutions vice president Harshal Deo said: “We share Jetlore’s passion for creating amazing – and personalized – customer experiences and believe their capabilities will accelerate our ability to help merchants optimize content and communication for their customers.”

Recently, PayPal agreed to acquire iZettle, a small business commerce platform in Europe and Latin America. With this acquisition, the two companies expect to help small businesses grow and thrive in the global digital economy.

PayPal stated that it is the largest acquisition and it significantly expands its in-store presence around the world and will strengthen its platform to help millions of small businesses around the world to thrive in an omnichannel retail environment.

The two companies expect to combine iZettle’s in-store expertise, digital marketing and mobile point-of-sale technology and PayPal’s global scale, online and mobile payments leadership and trusted brand reputation to support merchants and consumers in many ways.

iZettle is based in Stockholm, Sweden and was founded in 2010. The company started offering mobile payments with the world’s first mini chip card reader and software for mobile devices.

The company’s commerce solutions are being used by nearly half a million merchants across 12 countries and two continents.

Image: PayPal’s headquarters in San Jose, California. Photo: Courtesy of PayPal.