The payments company also hired brokerage industry veteran Rich Hagen, CNBC reported, citing two sources familiar with the matter. Hagen is the chief executive officer of Invest at PayPal, as well as the co-founder and former president of brokerage Ally Invest, according his LinkedIn page.
PayPal did not immediately respond to a Reuters request for comment.
PayPal’s shares spiked higher and were last up 3%.
(Reporting by Sohini Podder in Bengaluru; additional reporting by Noel Randewich in Oakland, California; Editing by Amy Caren Daniel)