PayPal, the online money transfer company also behind social app Venmo, is said to be narrowing down on two finalists in a global creative review that spanned six months, according to sources with direct knowledge of the matter.
One source told Adweek the two finalists are digital shops R/GA and AKQA.
The review was launched in October to find a more digital-driven agency of record, according to sources.
Kantar Media reports PayPal spent $180.7 million on marketing efforts in the U.S. alone in 2017, down from the $207.7 million it spent a year earlier.
Incumbent Crispin Porter + Bogusky was named creative agency of record for PayPal in the summer of 2015—at that time the company had just split from former parent eBay.
It is unclear whether CP+B tried to defend the account but one source said the creative shop is still working with PayPal on a project-only basis. CP+B declined to comment and PayPal did not return multiple requests for comment.
R/GA and AKQA also did not immediately respond to press queries.