PayPal agrees to buy Sweden's iZettle in $2.2 billion deal

PayPal President and CEO Dan Schulman

Spencer Platt Getty Images

PayPal is splashing out $2.2 billion to buy iZettle, a small-business payment platform, in what will be the company's biggest acquisition yet.

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.

Modi, Putin talks to focus on terror, regional issues
Its military support not only ensured the survival of Mr Assad's regime, it changed the course of the war. Syria's conflict began with mass protests against the Assad family's decades-long rule.

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.

iZettle, best known for offering small payment machines to small merchants, ranks among the rivals of Square, founded by Twitter CEO Jack Dorsey.

"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.

Yanny or Laurel? Soundbite still has internet divided
The White House is far from the the first corner of Washington to weigh in on a topic that many have found earresistible. In fact, I began to wonder how in the world anyone could hear "Laurel". "All I hear is covfefe", President Trump says.

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.

Southgate selects youthful England squad for World Cup
The 19-year old is not the only uncapped player included in the 23, with Gareth Southgate also calling up Burnley goalkeeper Nick Pope .

Latest News