PayPal acquires Swedish startup iZettle for $2.2 billion ahead of IPO

PayPal acquires Swedish startup iZettle for $2.2 billion ahead of IPO

PayPal could well be set to move further into high-street shopping after acquiring iZettle for $2.2bn.

US-based Paypal was formerly part of eBay, but is now a standalone digital and mobile payments company.

"This is the largest acquisition in our company's history and significantly expands our in-store presence around the world, strengthening our platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment".

The acquisition will take PayPal into a number of markets where it isn't now active, with iZettle expanding into Latin America following a tie-up with Spanish banking giant Santander, who also invested €5 million in iZettle back in 2013 when that deal was inked.

Dan Schulman said in the statement, "iZettle and PayPal are a strong strategic fit, with a shared mission, values, and culture - and complementary product offerings and geographies".

Spartans Finish NCAA Columbus Regional in Seventh Place
Mauer carded a 4-over par 76, followed by a 3-over par 75 in the final round to pace the team in 47th with a 7-over par 151. That's the biggest takeaway from the team after finishing the NCAA Regional in Columbus runner-up.

TechCrunch reports that iZettle was hoping to raise $227 million on the Stockholm Nasdaq exchange, which would have valued the company at around $1.1 billion.

Founded in 2010 in Stockholm by Jacob de Geer and Magnus Nilsson, iZettle provides a payment platform for small businesses.

Once the deal concludes, PayPal will have in-store capabilities in 11 markets, including Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden. But just how iZettle will be integrated with PayPal's own competing point-of-sale payment services remains to be seen.

The $2.2 billion PayPal is putting up for iZettle is the San Jose, California-based company's biggest ever deal, according to data compiled by Bloomberg. The company said it expects to reach profitability by the year 2020. The company is expected to process payments worth $ 6 billion in 2018 and generate $ 165 million in gross revenue. The two companies will continue to operate independently until close. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year.

Related Articles

  • Novartis's top lawyer is out after Michael Cohen payments

    Novartis's top lawyer is out after Michael Cohen payments

    Novartis has denied it was trying to gain access to Trump via payments to a firm controlled by Michael Cohen. Novartis has said that Narasimhan had no involvement.
    Amazon just gave you a Whole Foods reason to get Prime

    Amazon just gave you a Whole Foods reason to get Prime

    Whole Foods now has over 470 stores in the U.S., Canada and United Kingdom combined, but the majority - 463 - are in the U.S. Amazon is going to give 10% off on all sale items at Whole Foods supermarkets along with discounts on selected popular items.
    OnePlus 6 launch tonight

    OnePlus 6 launch tonight

    After weeks of official teasers and unofficial leaks, OnePlus is ready to unveil its latest Android phone, the OnePlus 6 . The smartphone will be pre-loaded with Android Oreo but you can expect an update to Android by the end of December 2018.
  • Griezmann declines to talk about his Atletico future

    Griezmann declines to talk about his Atletico future

    Club captain Gabi drilled in the third goal late on as Atletico again lifted the trophy they also won back in 2010 and 2012. Meanwhile, Griezmann has 29 goals and 15 assists in 48 appearances for Atletico this season.
    Florida man dies in e-cigarette explosion, police say

    Florida man dies in e-cigarette explosion, police say

    According to the report , the pen he used was a "mod" type, or a modified e-cigarette created to be customizable. The health effects related to the ingestion of e-cigarette vapor are still being studied by government agencies.
    Militant shot dead in attack on police headquarters  in Indonesia's Riau province

    Militant shot dead in attack on police headquarters in Indonesia's Riau province

    The attackers were members of the Negara Islam Indonesia (NII) which is affiliated with the IS group, the spokesman said. They followed a deadly prison riot staged by Islamist prisoners at a high-security jail near Jakarta last week.
  • Atletico Madrid to earn €27M from winning the Europa League

    Atletico Madrid to earn €27M from winning the Europa League

    At the end of the match Costa in the counterattack found Gabi, and he scored his first t-shirt "Atletico" in 2015. A goal then would have got us back into the match.
    Iran, China agree to maintain nuclear deal

    Iran, China agree to maintain nuclear deal

    "Do we accept extraterritorial sanctions?" However, Le Maire acknowledged he has "no illusions" that he'll get what he asked for. Germany, France and the United Kingdom all implored the president to remain in the deal.
    Feds Identify Suspect in CIA Hacking Tools Leak

    Feds Identify Suspect in CIA Hacking Tools Leak

    US federal prosecutor Matthew Laroche detailed the investigation during a January 8, 2018 hearing in a NY federal courtroom. The documents allegedly revealed details about the Toolkit of American cyber espionage.
  • Rafael Nadal impressed with Denis Shapovalov after beating teenager at Italian Open

    Rafael Nadal impressed with Denis Shapovalov after beating teenager at Italian Open

    Fognini battled hard to reach the quarters, coming from 2-4 down in the opening set to beat German Peter Gojowczyk 6-4 6-4. Williams had earlier opened her campaign by brushing aside Russia's Elena Vesnina 6-2, 4-6, 7-5 in their last-32 clash.
    Elon Musk still pushing for traffic-busting tunnels

    Elon Musk still pushing for traffic-busting tunnels

    But although the entrepreneur has always been long on vision, the City of Los Angeles is a complex, sprawling place. Tunnels from Los Angeles to San Francisco could be done in a few weeks, Boring Company executive Steve Davis said.
    World Health Organization  wants to eradicate trans fat

    World Health Organization wants to eradicate trans fat

    The country has witnessed improvement in the citizens' health and a reduction in deaths by way of cardiovascular disease. The method of cooking leads to trans fats in one's food and experts have suggested keeping a check on the same.