PayPal agrees $2.2bn deal for Swedish payments firm iZettle
PayPal agrees $2.2bn deal for Swedish payments firm iZettle
PayPal in talks to buy Swedish small-business platform iZettle for $2.2 billion
18 May, 2018, 16:32
The San Francisco-based company continues to operate today as a standalone service within PayPal.
iZettle was founded in 2010 with an aim to offer plethora of affordable financial services like point-of-sales and partner application to small businesses. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies". The deal has been finalized by the company and PayPal would be paying $2.2 Billion for the acquisition.
US-based PayPal, a unit of eBay, said that its biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses, particularly in Europe and Latin America. The company declared that IZettle expects to generate $165 million revenue in 2018.
This combination brings together iZettle's in-store expertise, recognized brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation. The acquisition will expand PayPal in different countries such as France, Germany, Italy, Mexico, Brazil, Denmark, Finland, Sweden, Norway and Spain.
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Jacob de Geer, iZettle's chief executive, said the deal would "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".
The deal could well see PayPal move out of the online world and become a recognised form of payment in shops using iZettle's card readers, competing with the likes of Apple Pay.
Nasdaq-listed PayPal is a giant in the sector, disclosing in first quarter results last month that it processed $49bn (£36.3bn) in mobile payments during the three months to 31 March. 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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