David Rolfe Comments on PayPal

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Oct 15, 2020

PayPal (PYPL, Financial) continued to disproportionately benefit from the behavioral shifts occurring due to COVID-19. Revenue growth accelerated to +22% as PayPal helped enable record levels of daily e-commerce transaction volume in the U.S. and across international borders. New users are signing up with PayPal at a record pace while transacting more frequently than previous users as lockdowns have funneled consumer spending online. We continue to think PayPal's addressable market is as open-ended as e-commerce and expect several more years of exceptional growth driven by its large user base (approaching 350 million) and merchant base of over 25 million.

From David Rolfe (Trades, Portfolio)'s Wedgewood Funds third-quarter 2020 shareholder letter.

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