PayPal Confirms Its Decision to Buy iZettle, Paying $2.2 Billion

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

The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the U.S. fintech giant, Reuters reports.

The deal is the biggest ever for San Jose, Calif. -based PayPal and will help it compete with Square (sq), which made a name for itself by helping small businesses and food-truck vendors conduct credit card and mobile transactions.

Up to now, although it has a limited presence in the area of point-of-sale, it doesn't have the same infrastructure of its potential rivals, whereas iZettle is becoming increasingly popular for pop-ups, markets and small businesses where a landline connected merchant is less appealing.

By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its worldwide expansion, including to the United States, the companies said.

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For 2018, iZettle expects to generate gross revenues of United States dollars 165 million, and to process USD 6 billion worth of total payment volume (TPV) on its platform. The deal has been finalized by the company and PayPal would be paying $2.2 Billion for the acquisition. "Together, we will help small businesses around the world grow and thrive in the global digital economy".

PayPal could well be set to move further into high-street shopping after acquiring iZettle for $2.2bn. It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.

iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson, and a year later they launched their first app service. The opportunity to become part of PayPal was too good to pass up. Today, the company's commerce solutions empower almost half a million merchants across 12 countries and two continents to get paid, sell smarter and grow their businesses. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year. Close sources claim that the IPO filing forced Paypal management to speed up the acquisition process.

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