PayPal buys iZettle for United States dollars 2.2 bln

PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

Founded in Stockholm in 2010, iZettle started out selling credit and debit card readers that could be plugged into smart phones and tablets.

Shares of PayPal gained 1.8 percent during regular trading, and continued edging up near 1 percent after the bell.

It was less than a month ago when iZettle announced it would go public, with hopes that new funding would help the company grow and expand. PayPal made a last minute approach the person said, who asked not to be named discussing a private negotiation, adding that there was no sale process or auction.

Based in Sweden, iZettle has built a presence in Europe and South America that will allow PayPal to bring its platform to almost 500,000 stores in 11 new countries including France, Germany, Brazil and Mexico.

In an interview on Thursday, de Geer said that he changed his mind after meeting with the executive team at PayPal.

The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the USA fintech giant, Reuters reports.

'Touching the trophy' curse strikes again in Europa League final?
Percentage of Atletico's 93 goals that have directly involved Griezmann (29 goals, 13 assists) this season. "This competition has given us a lot".

The move boosts PayPal's in-store presence at a time when competition in the online payments sector is increasing.

This combination brings together iZettle's in-store expertise, recognized brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation.

PayPal's bumper acquisition comes after EBay announced in February that it would no longer use PayPal as its main payment processing partner, opting to link up with Dutch rival Adyen instead.

The $2.2bn also represents a massive financial windfall for the Swedish company, which, as of a year ago, was still operating at a loss of approximately $27m. 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. "The acquisition will provide PayPal an increased foothold in the European proximity payments market". He will continue to lead iZettle.

-With assistance from Julie Verhage and Manuel Baigorri.

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