HOPE Receives $10 Million from PayPal as Part of its $535 Million Commitment to Advance Racial Equity

SAN JOSE, Calif., June 2, 2021 – PayPal Holdings, Inc. (NASDAQ: PYPL) today announced it will deposit $135 million of its capital into mission-driven financial institutions and management funds that help underserved communities of color fight barriers to economic equity.  Hope Credit Union received $10 million and will use these funds to advance business and homeownership among diverse entrepreneurs and homeowners. 

Other recipients include  OneUnited Bank, Self-Help Federal Credit Union, CNote’s Wisdom Fund and various smaller institutions through the CNote Promise Account. These investments are part of PayPal’s $530 million commitment to strengthen Black businesses and underserved communities and help drive financial health, access and generational wealth creation. 

“By partnering with financial institutions that have deep ties to Black and other underserved communities of color, we can create economic opportunity and make tangible progress toward closing the racial wealth gap,” said Dan Schulman, president and CEO, PayPal. “Addressing systemic economic disparities and injustice will take sustained action across the private and public sectors. We are committed to doing our part to break the cycle of inequality.” 

“Financial institutions owned by people of color play an outsized role in closing the racial wealth gap by providing greater access to financing for diverse business owners and homebuyers,” said Bill Bynum, CEO, Hope Credit Union. “Unfortunately, investment in these institutions and the communities they serve has never been adequate. PayPal’s strategy recognizes that in an increasingly diverse nation, investing in racial equity is not only the right thing to do, but it’s good for business.”  

With these deposits, PayPal has now committed more than $500 million of capital through its racial equity initiatives and is in active conversations with several additional financial institutions to deploy more funds throughout the year.

To read the full release on the PayPal website, click here.