Being the biggest ever acquisition for Paypal, the payment giant is obviously taking a huge bet by acquiring the Stockholm headquarter startup.
The all-cash deal is PayPal's biggest-ever acquisition following its divorce from former parent company eBay in 2015, and comes just weeks after iZettle, which now operates in 12 countries around the world, filed for an IPO as it looked to expand. The deal has been finalized by the company and PayPal would be paying $2.2 Billion for the acquisition.
The news came just after iZettle announced last week that it would list an IPO on the Nasdaq in Stockholm later this year.
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Dan Schulman said in the statement, "iZettle and PayPal are a strong strategic fit, with a shared mission, values, and culture - and complementary product offerings and geographies".
IZettle has almost half a million merchants on its platform and expects to generate gross revenues of $165m (£122m) in 2018, processing total payments of around $6bn (£4.4bn). In today's digital world, consumers want to be able to buy when, where and how they want.
- Jacob de Geer, CEO & co-founder, iZettle " Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity.
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. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year. While PayPal does not have a hold in these countries, iZettle has been a trusted name for some time.