Confinity

From Wikipedia, the free encyclopedia

Confinity Inc. is best known as the creator of PayPal. It was founded in December of 1998 by Max Levchin, Peter Thiel, and Luke Nosek, initially as a Palm Pilot payments and cryptography company[1]. Many of Confinity's initial recruits were alumni of The Stanford Review, also co-founded by Peter Thiel, and most early engineers hailed from the University of Illinois at Urbana-Champaign, recruited by Max Levchin. Early investors included Nokia Ventures, Deutsche Bank, and Bell Melton, the founder of CyberCash[2].

Confinity's second office, 165 University Avenue in Palo Alto, California, is also known for being the former office of Google and Logitech [3].

Confinity launched its milestone product, PayPal in late 1999[4]. Confinity merged with X.com, founded by Elon Musk, in March 2000[5]. The merged company became known as X.com because this was thought to be a name with broader long-term potential than Confinity or PayPal. However, surveys eventually showed that a majority of consumers considered the name X.com vague and potentially pornographic and preferred that the company simply be called PayPal. After a corporate restructuring, the company adopted the name PayPal Inc.

After an IPO, the company was purchased by eBay.

Suggested Read: The PayPal Wars (It's a great book and shows the up and down history of PayPal and its influence.)