Seeking to extend its global reach, US payment service, PayPal on Thursday announced a deal to buy Swedish online commerce startup iZettle for an estimated $2.2 billion, AFP reported.
The deal is the company’s biggest takeover and is expected to trigger a new race in the world of payments, especially as digital and mobile transactions are increasingly being adopted across the world.
L to R: Jacob de Geer, CEO iZettle, Dan Schulman, President of PayPal, and Bill Ready, EVP of PayPal.
"Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile," PayPal chief executive Dan Schulman said in a release. "In today's digital world, consumers want to be able to buy when, where and how they want. 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."
iZettle, which has a presence in Brazil and Mexico, as well as across Europe is backed by major early-stage investors such as Index Ventures and Dawn Capital and has become a major player in mobile payments world. "Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants," iZettle CEO Jacob de Geer said in the release.
In line with Geer's view, Schulman added "iZettle and PayPal are a "strong strategic fit. Together, we will help small businesses around the world grow and thrive in the global digital economy."
Earlier this month, iZettle filed paperwork to go public with an offering of shares that valued the company at slightly more than a billion dollars.
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