PayPal bags iZettle in $2.2bn move into bricks-and-mortar commerce

PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

Like the US-based Square, iZettle is best known as the provider of devices and software that allow smartphones and tablets to read credit cards.

Since separating from online marketplace eBay in 2015, PayPal has reshaped itself from mostly processing transactions for its parent company online to offering a suite of digital payment services across the world.

Stockholm-based iZettle is present in 11 countries and offers other services for small businesses such as lending.

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IZettle last week said it planned to list on the Nasdaq Stockholm stock exchange this year, which would make it one of the biggest European financial technology companies to list. After the acquisition, Jacob de Geer will continue to lead iZettle, and will report to PayPal COO Bill Ready.

Dan Schulman, PayPal's chief executive said, "I'm pleased to announce that today we signed an agreement to acquire iZettle, the leading small business commerce platform in Europe and Latin America".

A unit of eBay, PayPal stated that it's the biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses and the company's stock jumped almost 2% when reports of the deal raised.

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The company indicated earlier this month it would hold an initial public offering, but told Bloomberg that the PayPal merger aligns with the company's goals.

The announcement came after Sky News revealed that the two companies were in advanced talks. The acquisition sets up direct competition between PayPal and Square. "The combination of iZettle and PayPal will provide tremendous benefits to our merchants who will have access to an even wider range of tools to help them get paid, sell smarter and grow". Since Paypal now does not have a strong offline presence in these markets, it will look to leverage on iZettle to penetrate into these markets.

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