Is Zelle owned by PayPal? I’m asking because I’m trying to understand the competitive landscape in the mobile payment and money transfer space. PayPal has Venmo, which seems like a direct competitor to Zelle. Is there any corporate relationship between PayPal and Zelle, such as ownership, investment, or a partnership that might explain their co-existence? I’m specifically interested in knowing if PayPal has any stake in Early Warning Services, LLC, the company that operates Zelle. Or, are they entirely separate entities competing head-to-head?
Answer
No, Zelle is not owned by PayPal. Zelle is owned by Early Warning Services, LLC (EWS), a financial services company owned by a consortium of seven of the largest U.S. banks:
* Bank of America
* Capital One
* JPMorgan Chase
* PNC Bank
* Truist
* U.S. Bank
* Wells Fargo
Early Warning Services, LLC created Zelle to facilitate direct bank-to-bank money transfers between consumers in the United States.