May 20, 2018

Payment giant Paypal to acquire Fintech startup iZettle for $2.2 billion

18 May 2018, 10:18 | Kevin Scott

Image Pay Pal has a market value of 92 billion dollars

A sign for Internet payment transaction portal PayPal

PayPal is swooping for Swedish payments start-up iZettle in a $2.2bn (£1.6bn) all-cash deal, as it seeks to create a "one-stop shop" for transactions.

Sky News shares the scoop on Paypal's potential deal.

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 financial technology companies to list.

iZettle, best known for offering small payment machines to small merchants, ranks among the rivals of Square, founded by Twitter CEO Jack Dorsey.

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PayPal and iZettle were not immediately available for comment.

"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", PayPal President and CEO Dan Schulman said in a press release. The small businesses are active across 11 countries, mostly in Europe, as well as Mexico and Brazil. According to a statement by the two companies, iZettle expects to generate gross revenue of about $165 million in 2018, with roughly $6 billion of total payment volume expected to be processed on its platform. "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".

PayPal hopes the transaction will close in the third quarter, the company announced. 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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