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PayPal buys payments startup iZettle for US$2.2 bn

18 May, 2018, 14:31 | Author: Rafael Roberts
  • PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

PayPal Holdings is buying Swedish small-business platform iZettle for $2.2 billion to expand in Europe and Latin America and increase its presence in brick and mortar stores.

The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the California-based company.

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

US -based PayPal already operates in more than 200 countries around the world but is working to expand its offerings.

"Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants", iZettle chief executive Jacob de Geer said in the release.

The companies said on Thursday, May 17, 2018, that the deal will strengthen their platform to help millions of small businesses around the world grow and thrive in an omni-channel retail environment.

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. "With almost half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal's market opportunity to be a global one-stop solution for omnichannel commerce".

- Jacob de Geer, CEO & co-founder, iZettle " Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity. PayPal and iZettle have been in talks for years regarding a possible acquisition, but it was being delayed due to multiple reasons. The transaction is expected to close in the third quarter of 2018. "But this is a very exciting way for the company to continue its vision".



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