PayPal will build a new advertising platform drawing on customer insights to make adverts more effective.

The payment company said the new targeted advertising business will enable merchants to sell more products through a personalised platform.

To create the new platform, PayPal has hired Mark Grether as SVP, general manager PayPal Ads and John Anderson as SVP, general manager, consumer group.

Grether joins PayPal from Uber where he was vice president, general manager of Uber Advertising. During his leadership, Uber Advertising grew to a $1 billion business with more than 500,000 advertisers globally.

Prior to Uber, Grether led the product strategy for Amazon's advertising business. He also held the role of chief executive at Sizmek, an independent global advertising platform.

Anderson will be responsible for PayPal's consumer business, including product strategy for PayPal and Venmo. He joins the firm from Plaid, where he was head of product and payments. Anderson also spent a decade working at Meta where he held numerous roles.

Both Grether and Anderson will report to Diego Scotti, EVP, general manager, consumer group and global marketing & communications.

"Commerce and advertising are deeply connected, and we believe that the advertising platform we are building at PayPal will become a must-use marketing channel for merchants big and small,” said Scotti. “I'm thrilled to have Mark join our team and lead this important work.”

He continued: "John brings strong experience in developing groundbreaking, personalised consumer experiences to PayPal, which will drive relevance of our brands, fuel our innovation pipeline, and give more reasons for consumers and merchants to choose PayPal.”

In April, JPMorgan Chase launched a new digital media business which uses its financial data to offer its customers personalised promotions. The bank said that Chase Media Solutions seeks to combine the scale and audience of a retail media network with its first-party financial data and precise targeting capabilities.

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