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PayPal's Max Levchin on eBay split, new ventures

Levchin: PayPal given a second chance

One of PayPal's co-founders provided a vote of confidence Monday for eBay CEO John Donahoe's move to spin off the electronic payment unit into a separate company.

The e-commerce site announced last month that it would split PayPal into a separate business, 12 years after it had acquired it for $1.5 billion.

On CNBC's "Halftime Report," PayPal co-founder Max Levchin praised Donahoe, calling him "a great steward to the company."

"I'm confident he did the right thing," Levchin added. "Having said that, many of us at one point or another have said it would just keep on growing no matter what you do to it. If you set it free, it would grow that much faster."

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Levchin, who was named to CNBC's "Next List," also said that enormous changes are underway.

"I think it's probably the single most exciting time to live for a technologist," he said. "We're living through an incredible, fundamental change."

Levchin heralded the move to mobile. The tools once needed to perform work went from the desktop to being "in the palm of your hands at all times. The amount of time we spend interacting with both the global network and people that populate it has just fundamentally changed. So, it's an incredible time for innovation and disruption."

Levchin spoke about two of the start-up companies with which he's now involved, Affirm and Glow.

Levchin's new ventures: Affirm & Glow

"Affirm is an attempt to really clean up the image that consumer credit and banks and credit card companies that issue it have acquired over the years, especially with the millennial demographic," he said. "They're not trusted. They're not liked. They're considered out there to get you."

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Touting the benefit of building credit, Levchin said that he was looking at a new approach.

"The world needs a transparent new kind of a bank that creates consumer credit products that people love and can relate to," he said. "That's what we're doing at Affirm, starting with a point-of-sale financing, but ultimately going after a complete redefinition of what it means to be a consumer bank."

Glow, Levchin said, is "a big data company" that deals with infertility and women's reproductive health.

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The company's mobile app helps "to significantly improve chances for conception for women that are suffering from infertility," he said, noting that it has resulted in almost 30,000 pregnancies so far.

"It's an incredible mission, and we've just raised a massive round of financing to expand it into things like pregnancy monitoring, post-natal, prenatal. It'll be an amazing company," Levchin said. "It will ultimately change, I think, the entire landscape of health insurance."