PayPal Holdings has announced a major business reorganization aimed at simplifying operations, strengthening accountability, and expanding growth areas including crypto, merchant services, Venmo, and artificial intelligence. The company will move into a three-division structure: Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto.
The restructuring places crypto inside a dedicated operating division, signaling that digital assets and stablecoins are becoming a more central part of PayPal’s long-term payments strategy. The Payment Services & Crypto division will combine PayPal’s crypto operations with Braintree, platform services, and merchant payment tools. Jeff Pomeroy will lead the unit on an interim basis.
The division will include PayPal USD (PYUSD), the company’s U.S. dollar-backed stablecoin. PYUSD has grown since its August 2023 launch and is backed by dollar deposits, short-term U.S. Treasuries, and similar cash-equivalent assets. PayPal has also expanded PYUSD into more international markets, increasing its use for payments, settlement, and merchant services. The company has promoted stablecoin settlement as a way for businesses to move funds faster than traditional payment rails.
Frank Keller has been appointed president of Checkout Solutions & PayPal, which will combine consumer and merchant checkout services. Consumer Financial Services & Venmo will focus on expanding Venmo into a broader financial services platform, with Alexis Sowa serving as interim head. Observers have suggested the restructuring may be preparing Venmo for an eventual sale by PayPal.
PayPal also announced new executive roles as part of the overhaul. Antonio Lucio will join as chief marketing and corporate affairs officer, while Anshu Bhardwaj will become chief AI transformation and simplification officer. The company confirmed the departures of Diego Scotti and Michelle Gill. More details on the new operating model are expected during PayPal’s May 5 earnings call.
