PayPal is shutting down its $850M corporate venture arm, PayPal Ventures, as CEO Enrique Lores targets $1.5B in savings and refocuses on payments and

The fintech is exploring the sale of parts of its portfolio on the secondary market.

PayPal is reportedly shutting down its VC arm just months after the company tapped HP’s Enrique Lores to replace Alex Chriss as CEO.