PayPal waives processing fees for start-ups

PayPal waives processing fees for start-ups

PayPal is offering to waive up to $50,000 in processing fees for 18 months for young mobile and Web firms as part of its new Blueprint Startup programme.

The offer will be extended to start-ups that focus on making mobile or Web software or services and make less than $3 million in annual revenue or are less than five years old.

Initially focused on North America and Europe, firms must be nominated by PayPal or one of the three incubator partners it has joined forces with - 500Startups, Seedcamp or Elevator, which will also provide participating developers with additional support such as mentoring.

PayPal is not saying how many firms it plans to support but is bidding to strike deals with more incubators around the world. It also says it is not launching the programme to specifically acquire start-ups but rather to support and foster the community.

Stan Chundovsky, head, growth and special projects, PayPal, says: "Every penny matters when people are starting and running a new company...We understand how hard it is to get on your feet, which is why we have created the Blueprint programme, to offer help and expertise to the next generation of developer startups."

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