PayPal acquires Swedish payments firm iZettle

PayPal has agreed to acquire iZettle a Swedish mobile payments firm which enables small businesses to process card payments for $2.2bn

With the agreement, PayPay gains access to almost 500,000 small businesses that use iZettle's technology to process customer transactions involving credit cards.

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. Based in Stockholm, Sweden, iZettle revolutionized mobile payments in 2010 with the world's first mini chip card reader and software for mobile devices.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies. "With almost half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal's market opportunity to be a global one-stop solution for omnichannel commerce".

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IZettle, a mobile digital-payments processor, competes with the U.K.'s Square (SQ), Canada's Shopify (SHOP) and Brazil's PagSeguro Digital (PAGS) in various markets.

iZettle CEO Jacob de Greer and the company's management team will continue to lead the business, which expects to process US$6 billion in payments in 2018, the report said. The company went public at 21.50 in January, reached 38 on March 23 and has since dropped out of the IBD 50. It would be the largest ever deal for PayPal, Bloomberg reported. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.

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