Former PayPal and American Express boss Dan Schulman is joining Valor Capital Group, the cross-border venture fund focused on bridging the US and Latin American technology markets.
Schulman, who left PayPal last year after a nine-year stint as president and CEO, joins Valor as a managing partner.
Announcing the move, Valor co-founder Scott Sobel describes Schulman as a "mentor". The two men have a relationship stretching back to the mid-nineties, when Schulman was a senior executive at AT&T and Sobel was building internet telephony company Net2Phone, which was eventually acquired by the telco.
Founded in 2011, Valor is the first US-LatAm cross-border venture fund. In 2024, Soble claims that the fund is thriving: "For instance, the fintech centre of gravity is moving from developed markets to countries like Brazil where the public sector is driving innovation and technology to be more inclusive, which has the potential to ultimately retool global payments and financial services infrastructure."
Schulman will bring his experience and expertise to the fund and its portfolio of companies, says Sobel, noting PayPal’s 2019 partnership and $750 million investment in Argentinian e-commerce giant MercadoLibre.
During his time at PayPal, Schulman doubled the company’s market cap, tripled revenues and quadrupled EPS from $1.25 to over $5. However, in 2022 the payments giant missed revenue, adjusted operating margin and net new active users targets, prompting Schulman's pay to fall by 32%.