PayPal buys payments startup iZettle for $2.2 billion

IZettle scraps its IPO sells itself to Pay Pal for $2.2 billion

IZettle scraps its IPO sells itself to Pay Pal for $2.2 billion

iZettle technology operates similarly to that of Square, Inc., the California-based financial services and mobile payment company founded by Twitter CEO Jack Dorsey.

Reports last month suggested that PayPal could be moving into supplying debit cards as it looks to expand its reach into the wider payments world.

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.

The potential takeover comes less than three weeks after iZettle said it would list shares on the Nasdaq Stockholm.

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 agreement was confirmed by a spokeswoman for PayPal.

With iZettle, Paypal will have access to hundreds of thousands of brick-and-mortar retailers.

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Upon closing, PayPal gains in-store capabilities in the following 11 markets: Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden.

US-based PayPal, a unit of eBay, said that its biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses, particularly in Europe and Latin America. It had advanced plans to go public.

The deal will also help PayPal provide a more comprehensive suite of services to its merchants.

Mobile and web payments processing company Braintree became part of PayPal's business in 2013, with PayPal paying $800 million to close the deal.

PayPal and iZettle were not immediately available for comment. "But this is a very exciting way for the company to continue its vision".

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