PayPal to buy Square competitor iZettle for $2.2B

A sign for Internet payment transaction portal PayPal

A sign for Internet payment transaction portal PayPal

PayPal Holdings on Thursday said it would acquire Swedish point-of-purchase technology firm iZettle in a deal worth $2.2 billion.

IZettle last week said it planned to list on the Nasdaq Stockholm stock exchange this year, which would make it one of the biggest European fintech companies to list.

The iZettle platform for handling retail transactions is used by almost a half million merchants, according to PayPal. Based in Stockholm, Sweden, iZettle revolutionized mobile payments in 2010 with the world's first mini chip card reader and software for mobile devices.

PayPal president Dan Schulman said: "This combination brings together iZettle's in-store expertise, recognised brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation". "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". It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.

The deal will also help PayPal provide a more comprehensive suite of services to its merchants. The company said it expects to reach profitability by the year 2020.

PayPal said it hopes to be able to reap the advantages of the merger nearly immediately in certain areas, and that the financial benefits will kick in shortly after the deal closes, expected in the third quarter. He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned.

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