PayPal Buys Payments Startup iZettle for $2.2 Billion

PayPal Buys Payments Startup iZettle for $2.2 Billion

PayPal Buys Payments Startup iZettle for $2.2 Billion

PayPal is swooping for Swedish payments start-up iZettle in a $2.2bn (£1.6bn) all-cash deal, as it seeks to create a "one-stop shop" for transactions.

An announcement of the $2bn deal is expected as early as tomorrow, after Sky News reported that the two companies were in talks.

iZettle, which is based in Sweden, said last week it would list an IPO on the Nasdaq in Stockholm sometime this year, and said at the time it would not be pursuing a sale as alternative to an IPO.

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iZettle, best known for offering small payment machines to small merchants, ranks among the rivals of Square, founded by Twitter CEO Jack Dorsey.

The iZettle platform for handling retail transactions is used by almost a half million merchants, according to PayPal.

PayPal, based in San Jose, California, says Stockholm-based iZettle is on pace to process about $6 billion in payments this year.

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The company has a presence in 11 countries and offers other services for small businesses such as lending.

For 2018, iZettle expects to generate gross revenues of United States dollars 165 million, and to process USD 6 billion worth of total payment volume (TPV) on its platform. The company's CEO, Jacob de Geer, will continue to lead the business under PayPal.

Since separating from online marketplace eBay in 2015, PayPal has reshaped itself from mostly processing transactions for its parent company online to offering a suite of digital payment services across the world. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.

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