PayPal in talks to buy Sweden's iZettle in $2.2 billion deal

18 May, 2018, 16:32 | Author: Teresa Adams
  • PayPal President and CEO Dan Schulman

PayPal is buying financial services startup iZettle for $2.2 billion to expand its digital payment service into thousands of brick-and-mortar stores in Europe and Latin America.

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

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.

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The Swedish firm is best known for its portable point of sale (POS) readers, which can plug into a smartphone or tablet to allow businesses of any size to quickly and easily begin accepting card or contactless payments.

"The global scale and 19 million merchant relationships that PayPal has enables us to move faster and reach further than ever before". Prior to this deal, PayPal's biggest acquisition was the $890m purchase of Xoom in 2015. 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.

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". The acquisition will expand PayPal in different countries such as France, Germany, Italy, Mexico, Brazil, Denmark, Finland, Sweden, Norway and Spain. It claimed more than 200 million active customer accounts at the end of past year.

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The announcement came after Sky News revealed that the two companies were in advanced talks.

PayPal and iZettle were not immediately available for comment. The company expects to generate gross revenues of around $165m this year, with approximately $6bn of total payment volume expected to be processed on its platform.

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