PayPal will move its Canadian operations to the MaRS District, a technology development compound in Toronto that fits in with the California-based payment company's mission to quickly diversify following its split from eBay nearly two years ago.
PayPal was already a partner in the MaRS Financial Technology Cluster, which connects financial institutions with more than 200 startups developing technology for payments, banking, alternative lending and cryptocurrency.
The move from PayPal's existing Canadian headquarters at the intersection of King St. W and York in downtown Toronto is designed to bring PayPal's Canadian team into direct and constant contact with the city's globally renowned technology scene. The 11-year-old MaRS district, which is registered as a charity in Canada, includes a mix of technologists, business people and academics, and has attracted other financial companies such as Interac and CIBC.
PayPal, which is expected to open its new MaRS location later this fall, has already hosted feedback and mentoring sessions with Canadian financial technology companies associated with MaRS, as well as attended workshops and other general learning sessions.
Also, many of PayPal's most prominent customers and partners — including Airbnb, Etsy and Facebook — have a presence in MaRS, PayPal said in an Sept. 21 press release.
eBay's spinoff of PayPal's was designed to make PayPal more nimble and innovative. Since the split, PayPal has added a new cloud structure to accelerate product delivery and acquired Paydiant to expand its mobile payments technology.
PayPal has also shown a penchant for hiring cutting edge technologists directly, including members of the Obama presidential campaign who worked on voter analytics. Considered a major disruptor when it launched nearly two decades ago, PayPal has spent the past few years attempting to revive that image and play a role in the modern developer community.