PayPal Acquires iZettle for $2.2 Billion

PayPal Acquires iZettle for $2.2 Billion

The Swedish firm is best known for its portable point of sale (POS) readers, which can plug into a smartphone or tablet to allow businesses of any size to quickly and easily begin accepting card or contactless payments.

Reports last month suggested that PayPal could be moving into supplying debit cards as it looks to expand its reach into the wider payments world.

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




iZettle was planning an IPO which would have raised around $1.1bn on the Stockholm NASDAQ, making the PayPal payout a no-brainer for investors. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies".

"Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile", said PayPal President and CEO Dan Schulman. The deal has been finalized by the company and PayPal would be paying $2.2 Billion for the acquisition. The deal will give PayPal a bigger footprint in hundreds of thousands of stores, and bring it in even more direct competition with Square.

"This is the largest acquisition in our company's history and significantly expands our in-store presence around the world, strengthening our platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment". Prior to the acquisition, the company had advanced plans to open capital on the stock exchange. The transaction is expected to close in the third quarter of 2018. This is not the first time PayPal acquires startups with brilliant tech, but in this case, iZettle would have become a potential rival, had it raised enough funds via IPO. "But this is a very exciting way for the company to continue its vision".

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