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PayPal to acquire iZettle for $2.2 billion

2018-05-18 17:30 by
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PayPal has announced that it will buy mobile payment company iZettle for $2.2 billion. Stockholm-based iZettle, which had advanced plans to go public, offers small businesses a miniature credit card reader that turns smartphones or tablets into payment registers.

The proposed deal, the largest in PayPal's history, would give the company a stronger foothold in Europe and a real in presence brick-and-mortar retail where it will compete against companies like U.S.-based Square, which has executed well in building out a strong suite of financial services beyond its original point-of-sale system on its way to a market cap of more than $21 billion.

"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. "iZettle and PayPal are a strategic fit, with a shared mission, values and cultureā€”and complementary product offerings and geographies.

The deal is expected to close in the third quarter of 2018, at which point will operate "as an integral part of PayPal's merchant services offering," PayPal said. iZettle CEO Jacob de Geer will continue to lead the business, reporting to PayPal's COO Bill Ready. iZettle's management team will continue running the business.

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