Flush with cash and boasting a clean balance sheet amidst the golden age of digital payments, PayPal CEO Dan Schulman reiterated Sunday the company plans to spend $1 billion to $3 billion a year on acquisitions. Schulman's comments came via a new interview with Germany's Handelsblatt newspaper.
He didn't rule out spending more than the $2.2 billion it cost PayPal to buy international commerce platform iZettle this year.
PayPal has been on an acquisition spree of late under Schulman and his likely successor Chief Operating Officer Bill Ready.
In June, the company said it will pay $120 million for fraud prevention and risk management services Similty. Together with the recent purchases of payments platform Hyperwallet and iZettle, PayPal is nearing the $3 billion upper end of the annual acquisition spending range that it recently shared with investors.
This is why Jim Cramer's Action Alerts PLUS member club owns PayPal. Listen to TheStreet's recent podcast with Schulman below.