Paypal acquires Swedish fintech startup iZettle for $2,2 billion

Payment machine

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.

PayPal announced that it is buying European Square competitor iZettle last night, in a deal worth $2.2 billion.

The acquisition, which is the largest in PayPal's history, will potentially catapult the company into hundreds of thousands of bricks-and-mortar retailers around the world.

"The combination of PayPal and iZettle brings together iZettle's in-store expertise, digital marketing strength and mobile point-of-sale technology with PayPal's global scale, online and mobile payments leadership, and trusted brand reputation to support merchants and consumers in more ways", said PayPal CEO Dan Schulman in a statement.

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A unit of eBay, PayPal stated that it's the biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses and the company's stock jumped almost 2% when reports of the deal raised.

The deal could well see PayPal move out of the online world and become a recognised form of payment in shops using iZettle's card readers, competing with the likes of Apple Pay. In its documentation filed ahead of its proposed stock market listing, iZettle made an underlying loss (Lbitda) of 73mln krona, or roughly £6.18mln or US$8.36mln, in the first three months of 2018.

The deal is expected to be sealed by the third quarter of this year. "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". Close sources claim that the IPO filing forced Paypal management to speed up the acquisition process. "But this is a very exciting way for the company to continue its vision".

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