PayPal Gives $ 2.2 Billion for a European Company

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

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.

TechCrunch also points out that some of iZettle's key markets such as northern Europe and Latin America, the latter through a tie-up with Santander, will introduce Paypal to areas where it has no presence.

PayPal is shelling out $2.2 billion for the deal and it is going to be an all-cash transaction.

IZettle, which provides mobile card readers and offers digital payment services to small businesses, is used by nearly half a million merchants.

"Small businesses increasingly want a full suite of capabilities across channels, a one-stop stop", Dan Schulman, chief executive officer of PayPal (pypl), said in an interview.

Stockholm-based iZettle is present in 11 countries and offers other services for small businesses such as lending.

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"The acquisition of iZettle significantly expands PayPal's in-store presence, strengthening PayPal's platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment", the company said in a press release. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies".

The takeover comes just weeks after iZettle, creator of an ingenious card-reading device for smartphones, revealed its intention to list on the Stockholm stock exchange.

It was announced ten days ago that Sweden's iZettle was planning to go public provoked cheers among European tech boosters, but that excitement proved to be short-lived. The company is on track for $165 million in revenue this year, up 60 percent from a year ago, while losses appear to be narrowing.

The company is still operating at a loss, according to IPO documentation.

"We expect to close the deal in the third quarter of 2018, at which time we will begin our integration efforts".

JPMorgan Chase & Co. was sole financial adviser to iZettle, while PayPal worked with Evercore Inc.

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