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PayPal Acquires iZettle, A Rival Of Square, Shopify, PagSeguro

PayPal Acquires iZettle, A Rival Of Square, Shopify, PagSeguro

PayPal Holdings Inc.is buying Swedish small-business platform iZettle for US$2.2 billion to expand in Europe and Latin America and increase its presence in bricks-and-mortar stores. Prior to the acquisition, the company had advanced plans to open capital on the stock exchange.

The startup has been compared to Square, a payments platform co-founded by Twitter chief executive Jack Dorsey that made it easy to take credit card payments using smartphones or tablets. 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.

iZettle, headquartered in Stockholm, is present in 11 countries, including Brazil, and offers other services to small businesses as loans.

PayPal, based in San Jose, California, says Stockholm-based iZettle is on pace to process about $6 billion in payments this year.

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 combination of iZettle and PayPal will provide tremendous benefits to our merchants who will have access to an even wider range of tools to help them get paid, sell smarter and grow". He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned.

IZettle expects to generate gross revenues of approximately $165 million United States dollars in 2018, with approximately $6 billion USD of total payment volume (TPV) expected to be processed on its platform.

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