PayPal stumps up US$2.2bn for iZettle

PayPal boss Dan Schulman called the purchase a 'strategic fit'
Credit
Alamy

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.

Related news:

Hot News

isis-killer-beheading-video-story-top Trump reassures Kim, then warns N. Korea could be 'decimated'
May 18, 2018 - 15:59
The episode should remind us that, as long as North Korea has nuclear weapons, we are a hair's breadth from nuclear war . "North Korea is actually talking to us about times and everything else as though nothing happened", he said.

isis-killer-beheading-video-story-top Most in United States think opioid abuse is not local — Surgeon general
May 18, 2018 - 15:54
He also went on to thank the "doctors, nurses, and techs who step up each and every day to respond to emergencies on flights". Jerome Adams, jumped in Wednesday, when a passenger aboard a Delta flight lost consciousness.

isis-killer-beheading-video-story-top Allardyce set to leave Everton
May 18, 2018 - 15:41
Watford rebuffed Everton's advances but Silva was unsettled and a run of bad form resulted in him leaving Vicarage Road in January.

isis-killer-beheading-video-story-top Iraq prime minister Haider al-Abadi appears to be ahead in poll
May 17, 2018 - 01:58
Sadr has recently campaigned against corruption and can summon millions into the streets to protest policies he opposes. The electoral commission of Iraq announced that 44.5 percent of those eligible had cast their ballots in the elections.

isis-killer-beheading-video-story-top US Embassy opens in Jerusalem, violent protests leave 60 dead
May 17, 2018 - 01:54
During the ceremony, Netanyahu praised the Central American country for its long friendship and recognition of the Jewish State. Israel captured east Jerusalem in the 1967 Mideast war and annexed the area in a move that is not internationally recognized.

isis-killer-beheading-video-story-top New Panthers Owner Will Be Lobbying Heavy For Gambling
May 17, 2018 - 01:54
Plus, Tepper can use the sale of his minority stake to help finance this deal, giving him another quick route to revenue. The proposed Panthers sale highlights an upward trajectory for the value of professional teams in major sports.

isis-killer-beheading-video-story-top Twitter buries Cavs after falling into 0-2 hole against Celtics
May 17, 2018 - 01:51
You can quibble over how much force he put into the shove, but there's no debating that was blatantly dirty and unnecessary. Smith has a history of dirty tactics, and Smart's right that this isn't the first time it's happened against the Celtics.

isis-killer-beheading-video-story-top Nikki Bella Reacts to John Cena Professing His Love on Today
May 17, 2018 - 01:51
The day I say my vows, I wanna say them once and I want to fully mean them. "I do not want to be regretful", she explained. The good, the bad and the ugly, it's all going on our show, and it just shows other women that you're not alone.

isis-killer-beheading-video-story-top Michigan State reaches $500M settlement with Larry Nassar sexual assault victims
May 17, 2018 - 01:50
Gold medalists Jordyn Wieber, Aly Raisman, Gabby Douglas and McKayla Maroney are among those who say they were abused by Nassar. MSU said the university's Board of Trustees approved the settlement during a conference call Tuesday night.

isis-killer-beheading-video-story-top Pakistan played a role in 26/11 Mumbai terror attacks: Nawaz Sharif
May 16, 2018 - 14:03
The bit from the interview that has drawn the most interest is Sharif's decision to acknowledge the role of non-state groups in the November 26, 2008, Mumbai attacks.

isis-killer-beheading-video-story-top Riau Police HQ Attacked by Unidentified Men
May 16, 2018 - 14:02
Media said one attacker may have had a bomb strapped to his body but police did not immediately confirm the reports. Indonesian policemen examine a vehicle used by attackers outside the police headquarter in Pekanbaru, Riau.

isis-killer-beheading-video-story-top Iraq rivals jostle for power after Sadr's shock win
May 16, 2018 - 14:02
Sadr's bloc did not run in the remaining two provinces, Kurdish Dohuk and the ethnically mixed oil province of Kirkuk. Al-Sadr said in Tweet that he was open to forming a coalition with al-Abadi to form a new government for Iraq.

isis-killer-beheading-video-story-top Named the price of the flagship smartphone Huawei Honor 10 in Russian Federation
May 16, 2018 - 13:55
Honor introduced its latest flagship smartphone, the Honor 10 for global markets, including India, at an event held in London. According to George Zhao, President of Honor, "Before 2016, most phones came in just three colours: black, white and gold".

isis-killer-beheading-video-story-top Hamilton wins Spanish GP, strengthens lead in F1 standings
May 16, 2018 - 13:51
Ferrari may have an outside chance of getting the win today, especially because their auto is the best out of everyone else's. Verstappen then hit back of Sirotkin, but despite sustaining damage to his front wing, held off Vettel with relative ease.

isis-killer-beheading-video-story-top Palestinian Envoy Recalled From Washington DC Over US Embassy Move to Jerusalem
May 16, 2018 - 13:46
At least 60 people were killed and more than 2,000 injured, Gaza officials said. "Our greatest hope is for peace", he said . Saudi Arabia on Tuesday said it opposed the U.S. decision to relocate its Israel embassy from Tel Aviv to Jerusalem .