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PayPal in advanced talks to buy Sweden's iZettle

PayPal in advanced talks to buy Sweden's iZettle

PayPal Holdings is buying Swedish small-business platform iZettle for $2.2 billion to expand in Europe and Latin America and increase its presence in brick and mortar stores. The deal expands PayPal's in-store expansion opportunities in its current markets and help the company push omnichannel commerce services in Australia, the United Kingdom and the US. PayPal have seen some growth in this area but there is a lot of competition in the space with everyone from Square to Etsy offering solutions.

The acquisition is the largest in PayPal's history and is for a company that is still making a loss.

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.

iZettle revolutionised mobile payments with the world's first mini chip card reader and software for mobile devices. "Upon closing, we will gain in-store capabilities in 11 markets, near-term in-store expansion opportunities into other existing PayPal markets, and the acceleration of omnichannel commerce solutions in Australia, U.K. and U.S".




"By joining the PayPal family we'll become iZettle with superpowers and jump on a fast track to realise our vision".

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.

"Small businesses increasingly want a full suite of capabilities across channels, a one-stop stop", Dan Schulman, chief executive officer of PayPal (pypl), said in an interview. "The combination of iZettle and PayPal will provide tremendous benefits to our merchants who will have access to an even wider range of tools to help them get paid, sell smarter and grow". The company has grown its revenues at a CAGR of approximately 60% from 2015 to 2017. iZettle expects to reach EBITDA profitability by 2020 on a standalone basis.

The deal will have forced PayPal's hand for years. The transaction is expected to close in the third quarter of 2018.

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