PayPal to buy Square competitor iZettle for $2.2B

A sign for Internet payment transaction portal PayPal

PayPal, which remains limited in its point-of-sale offerings, has agreed to a $2.2bn all-cash deal for the Swedish start-up which offers cheap, simple card readers to small businesses in the vein of Stripe and Jack Dorsey's Square.

"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 De Geer.

The takeover comes less than three weeks after iZettle said it would list shares in Stockholm.

Dan Schulman said in the statement, "iZettle and PayPal are a strong strategic fit, with a shared mission, values, and culture - and complementary product offerings and geographies".

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Jacob de Geer, the chief executive officer of iZettle, will stay on-board to lead the business, reporting to Bill Ready, the chief operating officer of PayPal. Some of these include deals technically completed by eBay as PayPal's previous parent company. IZettle does not now face too much direct competition from its main rival, the NASDAQ-listed Square, as the companies' operations only really overlap in the UK.

iZettle had only announced the IPO plans earlier this month, saying it would be the "way forward to support our growth" and provide access to capital markets.

Upon closing, PayPal gains in-store capabilities in the following 11 markets: Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden. PayPal and iZettle have been in talks for years regarding a possible acquisition, but it was being delayed due to multiple reasons. The company expects to generate gross revenues of around $165m this year, with approximately $6bn of total payment volume expected to be processed on its platform. This is not the first time PayPal acquires startups with brilliant tech, but in this case, iZettle would have become a potential rival, had it raised enough funds via IPO.

PayPal bought out mobile payments startup Paydiant for $280 million in 2015, and it continues to operate as a PayPal unit under its own brand today.

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