PayPal is set to acquire iZettle – one of Europe’s leading providers of point of sale (PoS) terminals for small businesses – boosting the e-commerce giant’s physical retail presence and further increasing its mobile payments options.
The deal, for $2.2 billion in cash, will expand PayPal’s in-store presence to 11 new markets and increase its presence in countries where it already offers such services.
In a statement on the acquisition, PayPal highlighted its aim to accelerate omnichannel commerce in Australia, the UK and US following the deal.
PayPal CEO Dan Schulman said: “This is the largest acquisition in our company’s history and significantly expands our in-store presence around the world.”
“iZettle revolutionised mobile payments with the world’s first mini chip-card reader and software for mobile devices.”
The company provides a number of financial technology platforms for merchants enabling mobile and card payments including: PoS terminal peripherals for mobile devices; app payment and sales analysis software; and small merchant terminals able to accept payments from credit cards, mobile devices and bank transfers.
Only ten days ago, iZettle announced it planned to raise $227 million in funding ahead of a proposed IPO in Sweden later in 2018.
Discussing the acquisition, iZettle CEO and co-founder Jacob de Geer said: “By joining the PayPal family we’ll become iZettle with superpowers and jump on a fast track to realise our vision. The opportunity to become part of PayPal was too good to pass up.”
After the closing of the deal, expected in Q3 2018, de Geer will continue to lead the unit reporting to PayPal COO Bill Ready.
Comments