It will be the company’s biggest takeover
In what will be the company’s biggest takeover, PayPal Holdings Inc has agreed to acquire Swedish fintech startup iZettle in a $2.2bn (£1.6bn) deal. The agreement was confirmed by a spokeswoman for PayPal.
“Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile,” said PayPal’s chief executive, Dan Schulman.
Stockholm-based iZettle is best known for offering small businesses a mini credit card reader that can turn smartphones and tablets into payment registers.
By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its international expansion, including to the US, the companies said.