PayPal agrees to buy iZettle for United States dollars 2.2 bn

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

Based in Stockholm, Sweden, iZettle revolutionized mobile payments in 2010 with the world's first mini chip card reader and software for mobile devices.

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.

The deal happened just before iZettle was set to go public on Nasdaq Stockholm. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies".

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De Geer will continue to lead iZettle, reporting to PayPal's COO Bill Ready, and will be joined by the rest of the iZettle management team.

Announcing the takeover, the companies said that by joining forces with PayPal, iZettle would be able to accelerate its worldwide expansion including to the US.

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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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". The deal will give PayPal a bigger footprint in hundreds of thousands of stores, and bring it in even more direct competition with Square. As far as this acquisition is concerned, iZettle being part of PayPal would help the company to expand its service to Europe. Prior to this deal, PayPal's biggest acquisition was the $890m purchase of Xoom in 2015.

"By joining the PayPal family we'll become iZettle with superpowers and jump on a fast track to realise our vision". The company expects to generate gross revenues of around $165m this year, with approximately $6bn of total payment volume expected to be processed on its platform.

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