The price being paid by PayPal - itself valued at more than $90bn (£66bn) - is double the valuation that iZettle was reported to be seeking from a listing on Nasdaq Stockholm.
PayPal announced that it is buying European Square competitor iZettle last night, in a deal worth $2.2 billion.
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PayPal is typically strong in the online arena, particularly on eBay (which used to own the company), and the deal with iZettle will strengthen its presence in bricks-and-mortar establishments, particularly in Europe.
"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", Schulman added.
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De Geer will continue to lead iZettle, reporting to PayPal's COO Bill Ready, and will be joined by the rest of the iZettle management team. Prior to this deal, PayPal's biggest acquisition was the $890m purchase of Xoom in 2015. The chip-card reader and its app for smartphone-based mobile commerce meet global security standards. iZettle's service is available in 12 countries which includes United Kingdom, Finland, Denmark, Germany, Italy, Netherlands, Spain, Italy, Germany, and Brazil, among others.
In the UK, FTSE 100 payments group Worldpay was acquired a year ago by America's Vantiv.
The acquisition, despite the amount being made, can help PayPal very much, since the company would be able to expand its access to countries in Europe as well as Latin American countries.
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