PayPal stumps up US$2.2bn for iZettle

Jacob de Geer CEO and cofounder of iZettle. 
 	
Yvonne Åsell  SvD  TT

The current CEO of iZettle, a company based on Stockholm, will report to the PayPal CEO and both companies want to improve the technological aspects of offline payments in many parts of Europe.

"This is the largest acquisition in our company's history and significantly expands our in-store presence around the world, strengthening our platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment".

The company indicated earlier this month it would hold an initial public offering, but told Bloomberg that the PayPal merger aligns with the company's goals.

The deal is the biggest ever for San Jose, Calif. -based PayPal and will help it compete with Square (sq), which made a name for itself by helping small businesses and food-truck vendors conduct credit card and mobile transactions.

Once the deal is finalised, iZettle will give PayPal access to 11 new markets across Europe and Latin America.

"The combination of PayPal and iZettle brings together iZettle's in-store expertise, digital marketing strength and mobile point-of-sale technology with PayPal's global scale, online and mobile payments leadership, and trusted brand reputation to support merchants and consumers in more ways", said PayPal CEO Dan Schulman in a statement. The company expects to generate gross revenues of around $165m this year, with approximately $6bn of total payment volume expected to be processed on its platform.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.

Jacob de Geer, the chief executive officer of iZettle, will stay on-board to lead the business, reporting to Bill Ready, the chief operating officer of PayPal.

PayPal could well be set to move further into high-street shopping after acquiring iZettle for $2.2bn. The two companies will continue to operate independently until close.

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