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18 May 2018, 10:39 | Dale Webster
PayPal in talks to buy Swedish small-business platform iZettle for $2.2 billion
The news came just after iZettle announced last week that it would list an IPO on the Nasdaq in Stockholm later this year.
The company was planning to raise about 2 billion Swedish crowns ($228 million) from the IPO.Established in 2010, iZettle is known for offering small businesses and individuals a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers.
Since Paypal now does not have a strong offline presence in these markets, it will look to leverage on iZettle to penetrate into these markets.
The company has a presence in 11 countries and offers other services for small businesses such as lending.
By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its global expansion, including in the United States. Paypal expects this huge bet to pay off by giving it a formidable presence in the point-of-sales market and a better standing against strong competitors such as Square Inc and Stripe Inc.
For 2018, iZettle expects to generate gross revenues of Dollars 165 million, and to process USD 6 billion worth of total payment volume (TPV) on its platform.
The deal announced Thursday marks the largest acquisition in PayPal's 20-year history and intensifies its competition with Square, a payment processor started by Twitter co-founder and CEO Jack Dorsey. Upon closing, iZettle will become the European center of excellence for PayPal's in-store product and services offerings. The two companies will continue to operate independently until close. The transaction is expected to close in the third quarter of 2018.
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