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PayPal (PYPL) Offers Support to Black Community With Tie-Ups

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PayPal Holdings, Inc. (PYPL - Free Report) is putting strong efforts to support black and underserved communities.

This is evident from its latest multi-year partnerships with CodeHouse, INROADS and the National Association of Black Accountants (“NABA”).

With the aid of these partnerships, the company intends to build a black and diverse talent pool by providing mentorship and skill trainings.

Moreover, it is planning to offer career advancement to black people and underrepresented talents by increasing their recruitments at PayPal.

Four-year undergraduate scholarships will be offered to the historically Black colleges and universities by the company in partnership with CodeHouse. Also, technical, professional and leadership trainings will be provided through their Summer Bridge Program.

In the deal with INROADS, PayPal will sponsor an internship program,which will providepaid internships along with mentoring and leadership development opportunities.

With NABA, the company will sponsor a college internship program, recruit from the NABA student membership population and create a student scholarship fund.

PayPal’s Aggressive Stance

We note that the latest move is part of the company’s pledge of $530 million to support black and minority-owned businesses and communities in the United States.

Notably, $500 million out of the total committed amount will be entirely used in creating an economic opportunity fund for the black and underrepresented minority businesses.

Further, $10 million will be utilized in providing empowerment grants to businesses owned by the black people that have been significantly hurt by the coronavirus-led disruptions.

Furthermore, $5 million of the total amount will be committed to the company’s non-profit community partners that are providing microloans, technical assistance, mentoring and digital solutions access to the black-owned businesses. The rest $15 million is pledged toward supporting recruitment, aiding equality and career opportunities for black and minority employees of PayPal itself.

All these endeavors bode well for the company’sstance in the strong protests against racial discrimination and economic inequality.Moreover, the latest move bodes well for the internal diversity and racial equalityat PayPal,which are crucial to success in this era.

 

Support to Black Community Gains Steam

With the latest partnerships and $530 million commitment toward the support of the black and minority community, PayPal joins the pack of other companies that are taking a strong stand against racial discrimination.

Apart from PayPal, technology giants, including Amazon (AMZN - Free Report) , Microsoft (MSFT - Free Report) and International Business Machines (IBM - Free Report) , have taken an aggressive stance against racial discrimination.

Notably, Amazon and Microsoft implemented a moratorium on police use of their respective facial recognition software in order to promote racial equity.

Further, IBM will reportedly no longer sell or develop facial-recognition software in an effort to curb racial discrimination. Moreover, the company opposed the use of such technology for mass surveillance and racial profiling.

Given the scenario, we believe that PayPal’s latest move is likely to aid its brand reputation.

Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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