PayPal shuttering its San Francisco office

As it evaluates its global office footprint, PayPal is closing its San Francisco office.

Multiple sources say the payments giant is closing its San Francisco office. Xoom is focused on online money transfer technology and services.

The employees that worked out of that office will be able to work from the company's headquarters office in San Jose, according to a person familiar with internal affairs. It's not clear how many employees are affected by the decision.

A person with the company told TechCrunch.

 At PayPal, we are continually looking at and evolving how we can work in the most collaborative and efficient ways possible, and we routinely evaluate our global office footprint and spaces to ensure that our company and our employees are best set up for success. The pandemic, in particular, has taught us there are many ways in which we can work effectively while providing our employees with flexibility. PayPal remains fully committed to the Bay Area and to California and we will continue to hire into and invest in our business and people working within the state.

An individual who commented on a post on the anonymous professional network, Blind, speculated that the reason behind the move could be San Francisco's Prop C, which levied a tax upon any San Francisco business that earns more than $50 million in gross receipts. The proceeds will be used to address the city's challenges with homelessness.

South San Francisco was chosen as the new headquarters of Stripe in 2020.

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