Wednesday, 17 October, 2018

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

PayPal's headquarters PayPal's headquarters
Kenneth Drake | 18 May, 2018, 15:57

TechCrunch reports that iZettle was hoping to raise $227 million on the Stockholm Nasdaq exchange, which would have valued the company at around $1.1 billion. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies". Prior to this deal, PayPal's biggest acquisition was the $890m purchase of Xoom in 2015.

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.

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 US -based Square Inc the company founded by Twitter CEO Jack Dorsey, according to Reuters. Founded in 2010 by Jacob de Geer and Magnus Nilsson, iZettle also started out with a mobile-phone gadget for accepting credit card payments. The acquisition sets up direct competition between PayPal and Square. PayPal operates in more than 200 countries across the world. 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.


"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", said PayPal CEO Dan Schulman in a statement.

Its revenue comes "per transaction" with no added charges for companies.

The all-cash deal will see iZettle co-founder and CEO Jacob de Greer remain in place but reporting to PayPal COO, Bill Ready. Since Paypal now does not have a strong offline presence in these markets, it will look to leverage on iZettle to penetrate into these markets.

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