Related

Paypal acquires iZettle for $2.2 billion
Paypal, the online payments juggernaut has confirmed its largest acquisition in history, paying...
China spearheads research into the next generation of super fast trains
Twenty years ago when people talked about high-speed rail networks and bullet trains, it was the...
Microsoft sinks a datacenter in the Scottish sea
In latest tech news, Microsoft has sunk a data-centre off the coast of Orkney to create quicker and...

Paypal acquires iZettle for $2.2 billion

Plus
Pin
BEAM Staff
May 18, 2018

Paypal, the online payments juggernaut has confirmed its largest acquisition in history, paying $2.2 billion for Swedish startup iZettle. One of the largest fintech startups in Europe, iZettle offers financial services for small businesses including smartphone payments.

"Small businesses are the engine of the global economy and they are increasingly demanding a partner that can provide a one-stop solution to help them compete and win online, in-store and via mobile." said Dan Schulman, Paypal's CEO. 

"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."

The acquisition comes two weeks after iZettle announce it was planning to IPO. According to the Swedish startup's CEO, Jacob de Geer, Paypal showed serious interest in the company shortly prior to its IPO. Following the announcement, stock of the company's competitor, Square, fell 5%.

iZettle previously raised five rounds of funding from companies such as American Express, MasterCard and Intel Capital. In total, the company had raised €268 million in venture capital funding.

Tags

Plus
Pin