Rise in profits and revenues for Paypal’s Irish subsidiary

PayPal, one of the State's largest multinational employers, continued to record a strong financial performance locally last year with pretax profits rising to €27.4 million.

This compares to profits of €23.2 million a year earlier for Blanchardstown -headquartered PayPal Europe Services, a subsidiary that employs more than 2,400 people.

The online payments giant’s Irish arm recorded revenues of €215.5 million for 2019, up from €206 million on the prior year.

PayPal Europe Services Limited provides customer support, risk operations, and corporate administrative services to the wider group.

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Founded in 1998, PayPal enables individuals and businesses to send and receive payments online. It claims 300 million consumers and merchants in more than 200 markets globally. The company, which employs 23,200 people, had revenues of $17.7 billion last year.

PayPal first opened an operations centre in the Republic in 2003 with just 25 employees. Newly filed accounts show it employed 2,437 people locally last year, of which 1,296 were in customer support and a further 1,018 in general and admin roles.

Employee costs rose to €136.6 million last year from €126.6 million, despite a slight decline in staff numbers.

The Irish subsidiary has received capital contributions of €8.4 million from its parent since it was first established.