PayPal snaps up Swedish rival iZettle for this much

PayPal snaps up Swedish rival iZettle for this much

The small businesses are active across 11 countries, mostly in Europe, as well as Mexico and Brazil.

Announcing the takeover, the companies said that by joining forces with PayPal, iZettle would be able to accelerate its global expansion including to the US.

iZettle CEO Jacob de Greer said: "Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants". The transaction ranks as the largest acquisition in PayPal's history, The Wall Street Journal reported.

PayPal is buying Swedish fintech startup iZettle for $2.2 billion ahead of IPO.

PayPal boss Dan Schulman said: "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".

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The takeover comes less than three weeks after iZettle said it would list shares in Stockholm.

"Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity".

iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson, and a year later they launched their first app service. Today, the company's commerce solutions empower almost half a million merchants across 12 countries and two continents to get paid, sell smarter and grow their businesses.

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

The transaction, which is expected to be Dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals. PayPal and iZettle have been in talks for years regarding a possible acquisition, but it was being delayed due to multiple reasons. "But this is a very exciting way for the company to continue its vision".

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