PayPal gains bigger in-store presence with $2.2B acquisition

Bulgaria Pay Pal Acquires a European Company for $ 2.2 Billion

Online payments pioneer PayPal Holdings Inc (NASDAQ:PYPL) is to buy Stockholm-based point-of-sale payments provider iZettle for US$2.2bn.

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.

IZettle is best known for offering small businesses a mini credit card reader that can turn smartphones and tablets into payment registers, akin to that offered by USA -based Square Inc the company founded by Twitter CEO Jack Dorsey, according to Reuters.

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It has a presence in 11 countries including Brazil and Mexico as well as across Europe - with its brand increasingly familiar in British coffee shops and restaurants. "Together, we will help small businesses around the world grow and thrive in the global digital economy".

PayPal and iZettle were not immediately available for comment.

"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.

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Paypal's acquisition of iZettle has also come at a time when the latter has already filed for an IPO in the Stockholm stock market for raising almost $227 million.

"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", said iZettle CEO Jacob de Geer. Today, the company's commerce solutions empower almost half a million merchants across 12 countries and two continents to get paid, sell smarter and grow their businesses. Upon closing, iZettle will become the European center of excellence for PayPal's in-store product and services offerings. The company said it expects to reach profitability by the year 2020.

PayPal hopes the transaction will close in the third quarter, the company announced.

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