This move will open up opportunities for PayPal Canada to team up with the country's leading startups and consult on cutting-edge, disruptive solutions and technologies.

"We look forward to this next exciting phase for PayPal Canada as this move places us closer to our customers and allows for deeper engagement with the FinTech community," said Paul Parisi, general manager, PayPal Canada.

Relocating its Canadian operations to the MaRS Discovery District, North America's largest urban innovation hub, is a strategic move for PayPal Canada for the following reasons.

Hotbed of Innovation
For more than 17 years, PayPal has been pushing the boundaries of the payments industry by consistently delivering innovative solutions, products and experiences for its customers. A decade ago, PayPal launched in Canada and processed the company's first mobile payment in the country. This move puts PayPal Canada at the centre of a globally-recognized innovation hub, allowing it to foster deeper connections with the MaRS community. It will also allow PayPal Canada to deliver continued, meaningful innovation for its 6.4 million active Canadian customers, iconic Canadian online retailers and its 250,000 small business customers across the country.

Fostering FinTech
PayPal Canada was one of the first partners of the MaRS Financial Technology (FinTech) Cluster. The MaRS FinTech Cluster connects the financial services sector with over 200 startups developing next- generation technology in emerging payments, financial services, peer-to-peer transactions, alternative lending and crypto-currencies.

PayPal plans to make both its Canadian team and its visiting experts from across the globe easily accessible for mentorship and problem-solving sessions with startups at MaRS. PayPal Canada has already hosted feedback and mentoring sessions with some of Canada's most promising FinTech companies associated with MaRS.

"We're thrilled to welcome PayPal to MaRS as we have a shared goal of driving greater innovation and unlocking the true potential of the digital economy in Canada," said Salim Teja, Executive Vice President of Ventures at MaRS. "The startup community will benefit immensely from this move."

Customer Champion and Collaboration
PayPal's core commitment is to serve as a customer champion, making it easy, secure and more affordable for people and businesses across the globe to access financial services. PayPal will continue to deliver on its value of being a customer champion by being closer to where its customers are. MaRS is home to some of PayPal's prominent customers and partners - Airbnb, Etsy and Facebook.

Being co-located will enable PayPal Canada to foster deeper collaborative ties with its customers. It will also open the door to forging new innovation and partnerships that offer greater choice and value to Canadian consumers and businesses.

Industry-leading events, workshops and enriching learning sessions that are held year-round at MaRS will also provide learning and development opportunities for PayPal Canada employees.