IT

PayPal is buying payments start-up iZettle for $2.2 billion ahead of IPO

PayPal is buying payments start-up iZettle for $2.2 billion ahead of IPO

PayPal Holdings will take over iZettle, one of Europe's best known financial technology startups, in a deal worth United States dollars 2.2 billion, said the two companies.

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

By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its global expansion, including to the USA, the companies said.

According to a statement by the two companies, iZettle expects to generate gross revenue of about $165 million in 2018, with roughly $6 billion of total payment volume expected to be processed on its platform.

The deal is expected to close in the third quarter of this year - at which point PayPal will gain in-store capabilities in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain, and Sweden, while accelerating its omnichannel commerce solutions in Australia, UK, and US.

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This combination brings together iZettle's in-store expertise, recognized brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation. In the past few years, PayPal had to face the competition from companies like Stripe and Square, and the company has to expand the game in order to keep the monopoly going.

"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", said PayPal's chief executive, Dan Schulman.

The current CEO of iZettle, a company based on Stockholm, will report to the PayPal CEO and both companies want to improve the technological aspects of offline payments in many parts of Europe.

On Thursday, Ghana's vice president, Dr Mahamudu Bawumia, said the country will plunge into the Paypal system by the first half of 2020.

The transaction, which is expected to be United States dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.


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