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

Bulgaria Pay Pal Acquires a European Company for $ 2.2 Billion

PayPal has agreed to buy iZettle, one of Europe's best-known financial technology startups for Dollars 2.2 billion, the companies said on Thursday.

The startup has been compared to Square, a payments platform co-founded by Twitter chief executive Jack Dorsey that made it easy to take credit card payments using smartphones or tablets.

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.

PayPal president Dan Schulman said: "This combination brings together iZettle's in-store expertise, recognised brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation".

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Being the biggest ever acquisition for Paypal, the payment giant is obviously taking a huge bet by acquiring the Stockholm headquarter startup.

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

PayPal was up 1.7% to 79.20 on the stock market today.

IZettle expects to generate gross revenues of approximately $165 million United States dollars in 2018, with approximately $6 billion USD of total payment volume (TPV) expected to be processed on its platform. The company went public at 21.50 in January, reached 38 on March 23 and has since dropped out of the IBD 50. The transaction ranks as the largest acquisition in PayPal's history, The Wall Street Journal reported. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.

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