Tech

PayPal to buy Swedish payments group iZettle for $2.2bn

PayPal to buy Swedish payments group iZettle for $2.2bn

PayPal has bought iZettle, a Swedish mobile payments company that sells a card-reader aimed at small businesses, for $2.2bn (£1.6bn).

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.

Up to now, although it has a limited presence in the area of point-of-sale, it doesn't have the same infrastructure of its potential rivals, whereas iZettle is becoming increasingly popular for pop-ups, markets and small businesses where a landline connected merchant is less appealing.

By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its worldwide expansion, including in the United States.

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Under the terms of the deal, Zettle CEO Jacob de Greer and the company's management team will continue to lead the business, which expects to process United States dollars 6 billion in payments in 2018 and have gross revenues of USD 165 million. It would be the largest ever deal for PayPal, Bloomberg reported. "Together, we will help small businesses around the world grow and thrive in the global digital economy".

Both PayPal and Square are vying to help mostly small- and medium-sized retailers process sales that aren't paid with cash.

After close of the acquisition, co-founder Jacob de Geer will remain in charge of iZettle, reporting to PayPal chief operating officer Bill Ready, according to the companies. "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 omni-channel commerce solutions in Australia, U.K. and U.S".

The deal will have forced PayPal's hand for years. The opportunity to become part of PayPal was too good to pass up. "But this is a very exciting way for the company to continue its vision".


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