The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the USA fintech giant, Reuters reports.
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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. "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 the U.S". The deal has been finalized by the company and PayPal would be paying $2.2 Billion for the acquisition. "Combined with the iZettle brand, capabilities and talent this means we're ready to level the playing field for small businesses all around the world".
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 Stockholm-based company had been aiming to achieve a valuation of $1.1bn, but was presented with double that amount by PayPal. It has since expanded into financing services, with a presence in Brazil, Mexico and Europe. "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 said it expects to reach profitability by the year 2020.
The deal will have forced PayPal's hand for years. This is not the first time PayPal acquires startups with brilliant tech, but in this case, iZettle would have become a potential rival, had it raised enough funds via IPO. 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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