At TheStreet’s Investor Boot Camp, Jim Cramer sat down with PayPal CEO Dan Schulman and they talked about everything from the democratization of money, to boardroom to whether the company is threatened by Amazon’s AMZN Alexa.
“That conversation alone was worth the price of admission today,” said AAP research analyst Jeff Marks, who sat with Cramer and gave a post-interview wrap-up.
Schulman spoke with Cramer at his TeachIn for almost an hour about the things they were doing as one of the top fin-tech companies in the world.
“We can connect those consumers into the digital economy, give them the opportunities afforded by that,” said the PayPal PYPL CEO.
“25% of our working capital loans are to the 3% of counties in the U.S. where 10 or more banks have closed branches. Where do banks close branches? They close banks in neighborhoods where the medium income is below the national average. So we are actually performing a service for those small businesses that they just couldn’t have gotten other places.”
Schulman said the company’s goal is to be the world’s largest open digital payments platform so they are teaming up with banks like Wells Fargo WFC , Bank of America BAC , JPMorgan Chase JPM to offer consumers and merchants more options.
“We grow our processing volume now on average 30%+ every single quarter,” he said. The company has almost 240 million people on the platform, growing at over eight million per quarter.
They went on to talk about about diversity throughout the company and in the boardroom
Cramer then asked about the opportunities in other countries like India, as well as his thoughts on blockchain and cryptocurrencies.
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Published on May 7, 2018
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