Confinity

Confinity
IndustrySoftware industry, Online payments
FoundedDecember 1998; 27 years ago (1998-12)
FoundersMax Levchin, Peter Thiel, Luke Nosek, Ken Howery, Yu Pan
DefunctMarch 2000; 26 years ago (2000-03)
FateMerged with X.com, form PayPal
SuccessorPayPal, Inc.
Headquarters
Champaign County, Illinois
,
United States
ProductsPayPal

Confinity Inc. was an American software company based in Silicon Valley, best known as the creator of PayPal. It was founded in December 1998 by Max Levchin, Peter Thiel, Luke Nosek, Ken Howery, and Yu Pan initially as a PalmPilot payments and cryptography company before pivoting to an email-based payments product.[1]

Company

The company was launched in 1998 as Fieldlink and later renamed Confinity.[2] Many of Confinity's initial recruits were alumni of The Stanford Review, also co-founded by Thiel, and most early engineers hailed from the University of Illinois at Urbana-Champaign, recruited by Levchin.[3] Early investors included Nokia Ventures, Deutsche Bank, and William N. Melton, the founder of CyberCash.[4]

Confinity's second office, 165 University Avenue in Palo Alto, California, is also known for being the former office of Google and Logitech.[5]

Confinity launched its milestone product, PayPal, in late 1999.[1] Confinity merged with X.com, founded by Elon Musk, in March 2000.[6] The merged company became known as X.com because this was thought to be a name with broader long-term potential than Confinity or PayPal.[7]

PayPal made an Initial Public Offering on the NASDAQ stock exchange on February 14, 2002.[8] The company was purchased by eBay in a $1.3 billion stock deal announced on July 8, 2002.[9] eBay and PayPal became separate companies in 2015.[10]

References

  1. ^ a b Lillington, Karlin. "PayPal Puts Dough in Your Palm". Wired. Retrieved April 10, 2017.
  2. ^ Odell, Mark (September 30, 2014). "Timeline: The rise of PayPal". Financial Times. Retrieved October 10, 2023.
  3. ^ "Max Levchin: The Making of a Tech Mogul". grainger.illinois.edu. Retrieved January 1, 2021.
  4. ^ "What I really want to say". plotkin.com. Retrieved April 10, 2017.
  5. ^ "A building blessed with tech success". CNET. Retrieved April 10, 2017.
  6. ^ Elon Musk: How I Became The Real 'Iron Man', Bloomberg, 10 June 2014, accessed 25 August 2018.
  7. ^ https://www.newspapers.com/image/753758455/?match=1&terms=x.com%20paypal
  8. ^ "PayPal IPO raises $70.2M - Feb. 14, 2002". money.cnn.com. Archived from the original on February 20, 2002. Retrieved January 1, 2021.
  9. ^ "EBay Buys PayPal in $1.3B Stock Deal". www.paypalobjects.com. Retrieved January 1, 2021.
  10. ^ "EBay follows Icahn's advice, plans PayPal spinoff in 2015". Reuters. September 30, 2014. Retrieved August 16, 2019.

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