PayPal is buying payments start-up iZettle for $2.2 billion ahead of IPO

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

On May 17, online payments platform PayPal announced it had signed an agreement to buy Swedish point-of-sale firm iZettle for $2.2bn - the company's largest acquisition to date.

The company has a presence in 11 countries and offers other services for small businesses such as lending.

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

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.

Both PayPal and Square are vying to help mostly small- and medium-sized retailers process sales that aren't paid with cash.

The current CEO of iZettle, a company based on Stockholm, will report to the PayPal CEO and both companies want to improve the technological aspects of offline payments in many parts of Europe.

The deal is going to add value to PayPal and help them expand to new markets, a sentiment Dan echoed in his statement, "Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity". Founded in 2010 by Jacob de Geer and Magnus Nilsson, iZettle also started out with a mobile-phone gadget for accepting credit card payments. 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 company has grown its revenues at a CAGR of approximately 60% from 2015 to 2017. iZettle expects to reach EBITDA profitability by 2020 on a standalone basis. PayPal and iZettle have been in talks for years regarding a possible acquisition, but it was being delayed due to multiple reasons.

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. "But this is a very exciting way for the company to continue its vision".

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