PayPal in advanced talks to buy Sweden's iZettle

Cesar Mills
May 18, 2018

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

The move boosts PayPal's in-store presence at a time when competition in the online payments sector is increasing.

Reports last month suggested that PayPal could be moving into supplying debit cards as it looks to expand its reach into the wider payments world.

Paypal's acquisition of iZettle has also come at a time when the latter has already filed for an IPO in the Stockholm stock market for raising almost $227 million.

The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the U.S. fintech giant, Reuters reports. Close sources claim that the IPO filing forced Paypal management to speed up the acquisition process.

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iZettle technology operates similarly to that of Square, Inc., the California-based financial services and mobile payment company founded by Twitter CEO Jack Dorsey.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.

Based in Stockholm, Sweden, iZettle revolutionized mobile payments in 2010 with the world's first mini chip card reader and software for mobile devices.

"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 Dan Schulman, president and CEO at PayPal. "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". 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.

Other reports by GizPress

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