PayPal gains bigger in-store presence with $2.2B acquisition

PayPal on May 17 announced a deal that came as the young company was poised for a stock market debut

PayPal on May 17 announced a deal that came as the young company was poised for a stock market debut

PayPal president Dan Schulman said: "This combination brings together iZettle's in-store expertise, recognised brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation".

PayPal stock has been consolidating and has a buy point of 86.42.

The price PayPal is thought to be bidding would value iZettle at double its targeted IPO valuation of $1.1bn.

People close to the talks cautioned that a deal could still fall apart.

US-based Paypal was formerly part of eBay, but is now a standalone digital and mobile payments company.

iZettle, which is backed by major early-stage investors such as Index Ventures and Dawn Capital, has become a big player in mobile payments infrastructure.


With the agreement, PayPay gains access to almost 500,000 small businesses that use iZettle's technology to process customer transactions involving credit cards.

Sweden-based iZettle started out providing card readers to small businesses, making its mini white readers recognisable in many independent shops and cafes. The small businesses are active across 11 countries, mostly in Europe, as well as Mexico and Brazil.

The deal will also help PayPal provide a more comprehensive suite of services to its merchants.

In the UK, Worldpay, the FTSE-100 payments group, was acquired past year by Vantiv of the United States, while Klarna, another European payments player, has raised money from strategic investors such as Visa. The company's CEO, Jacob de Geer, will continue to lead the business under PayPal.

Neither PayPal nor iZettle would respond to requests for comment on Thursday evening.

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