PayPal is buying payments start-up iZettle for $2.2 billion ahead of IPO

PayPal is buying payments start-up iZettle for $2.2 billion ahead of IPO

Digital payments giant PayPal is to swallow up Swedish financial technology start-up iZetttle for $2.2bn (£1.6bn).

The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the United States fintech giant, Reuters reports.

PayPal, the American company that operates worldwide in the online payment space, is acquiring iZettle, a Stockholm-based company that offers a range of payment and commerce solutions.

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US -based PayPal already operates in more than 200 countries around the world but is working to expand its offerings.

De Geer will continue to lead iZettle, reporting to PayPal's COO Bill Ready, and will be joined by the rest of the iZettle management team. The transaction ranks as the largest acquisition in PayPal's history, The Wall Street Journal reported.

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". IZettle does not now face too much direct competition from its main rival, the NASDAQ-listed Square, as the companies' operations only really overlap in the UK.

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At close, PayPal will get in-store capabilities in 11 markets, including Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden.

However, in an interview with Bloomberg on Thursday, iZettle co-founder and chief executive Jacob de Geer said he had been convinced to instead agree a sale of the business. The opportunity to become part of PayPal was too good to pass up. The company forecast reaching EBITDA profitability by 2020 on a standalone basis. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.

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