PayPal Pledges Over $500 Million

MK Digital Line
PayPal Holdings said on Thursday it was pledging $530 million (roughly Rs. 4,025 crores) to support black and minority-owned businesses in the United States and foster diversity, amid worldwide protests over racial injustice.

The bulk of the money - $500 million (roughly Rs. 3,797 crores) - will be devoted to the creation of a economic opportunity fund that will invest in black and under-represented minority businesses and communities, the US electronic payments firm said, according to an internal memo and company statement.

The funding will be invested through community banks and credit unions serving minority communities or through direct investments, the company said.

"Let me be clear: I stand with our Black teammates and with the Black community, as does the entire PayPal community," CEO Dan Schulman said in the internal memo. "We stand with you and we support you – and we must publicly declare that Black lives matter."

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