PayPal to buy Square competitor iZettle for $2.2B

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

Founded in Stockholm in 2010, iZettle started out selling credit and debit card readers that could be plugged into smart phones and tablets. "With almost half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal's market opportunity to be a global one-stop solution for omnichannel commerce".

The digital payments giant PayPal Holdings is in advanced talks about a takeover of iZettle in a move that would gatecrash one of the European technology sector's biggest stock market flotations.

iZettle, headquartered in Stockholm, is present in 11 countries, including Brazil, and offers other services to small businesses as loans. 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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"Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants", iZettle chief executive Jacob de Geer said in the release.

IZettle expects to generate gross revenues of approximately $165 million United States dollars in 2018, with approximately $6 billion USD of total payment volume (TPV) expected to be processed on its platform.

It owns the peer-to-peer payments company Venmo, which is popular in the USA, and a year ago acquired Swift Financial, which makes business loans. The transaction ranks as the largest acquisition in PayPal's history, The Wall Street Journal reported. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year.

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