PayPal jumped in premarket trading Wednesday after Stripe and Advent International reportedly made a joint offer to acquire the payments firm in a $53 billion deal.

Payments firm Stripe and private equity company Advent are planning to buy PayPal for $60.50 per share, Reuters reported Wednesday, citing two people familiar with the matter. The deal would value the payments company at more than $53 billion.

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PayPal said Monday that it has applied for approval to form PayPal Bank, which would be able to offer loans to small businesses.

“Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S.,” PayPal CEO Alex Chriss said in a statement.

The U.S. Federal Deposit Insurance Corporation will review an application proposing the establishment of PayPal Bank, along with Utah’s Department of Financial Institutions, PayPal said.

The company, which owns popular payment app Venmo, hopes to also offer interest-bearing savings accounts to its customers, the statement said. PayPal already makes credit lines available to consumers and has been trying to expand its roster of banking-like services as it competes with a growing number of fintech companies that are aiming to take business from traditional brick-and-mortar banks.

Shares of PayPal rose 1.5% in extended trading following the announcement.

In October, PayPal said quarterly revenue increased 7% year over year to $8.42 billion, more than analysts had expected. But in 2025 the stock has slumped about 29%, while the S&P 500 index has gained almost 16% in the same period.

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Verizon announced on Monday that the board of directors has appointed former PayPal CEO Dan Schulman as the company’s new CEO.

Schulman replaces Hans Vestberg, who had led the company since 2018.

Shares of the company sank roughly 5% in midday trading.

Verizon said Vestberg will remain on the board of directors until the 2026 annual meeting and will serve as a special advisor through Oct. 4, 2026, to ensure a smooth transition and close the deal to acquire Frontier Communications.

Verizon on Monday also announced that Mark Bertolini would be chairman of the company’s board of directors.

“The board is thrilled to have Dan as Verizon’s next CEO, and embark on a new chapter of growth and sector leadership,” Bertolini said in a statement. “Dan is a seasoned and decisive leader with a unique set of experiences, and a proven record of transformative leadership and operational excellence. He is the right leader to chart Verizon’s next phase of increased customer focus and financial growth.”

At PayPal, Schulman grew the company’s revenue from $8 billion to $30 billion, according to the announcement, and added “hundreds of millions” of new customers for the global payments platform. He has served on Verizon’s board of directors since 2018.

“Verizon is at a critical juncture,” Schulman said in a statement. “We have a clear opportunity to redefine our trajectory, by growing our market share across all segments of the market, while delivering meaningful growth in our key financial metrics. We are going to maximize our value propositions, reduce our cost to serve, and optimize our capital allocation to delight our customers and deliver sustainable long-term growth for our shareholders.”

Vestberg, who became CEO in 2018 and chairman of the board in 2019, is known for creating the company’s 5G network strategy. In a statement, he said now was “a good time to pass the baton” to Schulman.

Verizon also reiterated its previously issued full-year 2025 financial guidance.

In May, the Federal Communications Commission announced it was approving Verizon’s $20 billion deal to acquire Frontier, a fiber-optic internet provider. FCC chair Brendan Carr had probed Verizon for its diversity, equity and inclusion programs and said they could be a factor in the Frontier deal, but the agency gave its blessing to the merger when the company agreed to end those programs.

Verizon said the deal will allow it to upgrade and expand Frontier’s network capabilities across the country by bringing more fiber to roughly 1 million American households. Verizon called the acquisition “a cornerstone” of its broadband expansion strategy.

Global payment company PayPal announced on Thursday that it has inked a deal with the Big Ten and Big 12 conferences to allow student-athletes to receive compensation through the fintech company’s platform.

The announcement comes just weeks after a court settlement in the House v. NCAA case, which dramatically shifts the college sports landscape by allowing schools to compensate student-athletes for the first time. The settlement allows individual schools to distribute up to $20.5 million to current athletes over the next year, and provides up to $2.8 billion in compensation to former players across the NCAA.

The new agreement will allow Big Ten and Big 12 athletic departments to dispense these payments using PayPal exclusively.

PayPal said the initial rollout is expected to begin this summer. The House settlement takes effect on July 1.

The deal will allow students at Big Ten and Big 12 universities to receive their compensation quickly and securely, PayPal said. The company added students will also have the option to pay their college tuition via PayPal, which will become a preferred payment partner at select schools.

“We’re proud to help lead this transformation in college athletics by making it easier and faster for student-athletes to get paid and continue to bring trusted and innovative commerce solutions to the heart of campus life,” PayPal President and CEO Alex Chriss said in a statement.

Big 12 Commissioner Brett Yormark told CNBC’s “Squawk Box” he expects other conferences will soon partner with PayPal, as well.

“It is a great day for student-athletes, and I’m sure other conferences are going to embrace this opportunity,” Yormark said. “I was told last night, the ACC is up next, so you’re going to see this program roll out across campuses throughout the country.”

As part of the deal, PayPal is also introducing conference-branded debit cards available with each school’s logo.

Chriss said the company’s research shows that more and more college students are wanting to pay with debit and “buy now, pay later” as their credit option.

“It’s becoming the way that people want to spend…they don’t want credit cards as often,” Chriss told Squawk Box, noting that “buy now, pay later” grew 20% for the company last quarter.

PayPal’s mobile payment service Venmo is also expanding its position in college sports.

Venmo will be the presenting partner for the first-ever Big Ten Rivalry Series and will serve as the official partner of the Big 12 Conference. The company is also working with Big Ten and Big 12 schools to allow students to use Venmo at college bookstores and for campus athletics for items such as tickets, concessions and merchandise.

The Big Ten Conference expanded to 18 schools last August includes the University of Maryland, Penn State University, University of Michigan and the Ohio State University. The Big 12 Conference includes 16 schools such as Arizona State University, the University of Central Florida…