PayPal Holdings will take over iZettle, one of Europe’s best known financial technology startups, in a deal worth USD 2.2 billion, said the two companies.
The transaction allows PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the San Jose, California-based company.
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 U.S.-based Square Inc the company founded by Twitter CEO Jack Dorsey, according to Reuters.
By joining PayPal, which operates in 200 countries, iZettle will be able to accelerate its international expansion, including to the U.S., the companies said.
Under the terms of the deal, Zettle CEO Jacob de Greer and the company’s management team will continue to lead the business, which expects to process USD 6 billion in payments in 2018 and have gross revenues of USD 165 million.
Stockholm-based iZettle is present in 11 countries. The company plans to go public.
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