STOCKHOLM, Sweden — PayPal, a U.S. based, leading technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide is set to purchase Swedish online commerce startup iZettle for $2.2 billion.
The acquisition would strengthen its platform for handling payment transactions at small businesses — expanding PayPal’s reach into shops in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden.
“Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants,” iZettle chief executive Jacob de Geer said in the release.
The Stockholm-based startup founded in 2010, is used by nearly a half million merchants, according to PayPal. It is expected to handle about $6 billion in transactions this year, taking in gross revenue of approximately $165 million in the process.
“Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile,” PayPal chief executive Dan Schulman said in a release.
“In today’s digital world, consumers want to be able to buy when, where and how they want.”
Big news – iZettle to join forces with PayPal. Becoming a part of the PayPal family will give us and our merchants an amazing opportunity to grow and expand. We’re so excited! Read Jacob’s thoughts on the news here: https://t.co/6Pc9eKOTKx pic.twitter.com/881a9TtzGq
— iZettle (@iZettle) 17 maj 2018
