PayPal in advanced talks to buy Sweden's iZettle

18 May, 2018, 13:59 | Author: Becky Perry
  • PayPal has agreed to acquire iZettle a Swedish mobile payments firm which enables small businesses to process card payments for $2.2bn

PayPal is buying Swedish fintech startup iZettle for $2.2 billion ahead of IPO.

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

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.

"Small businesses increasingly want a full suite of capabilities across channels, a one-stop stop", Dan Schulman, chief executive officer of PayPal, said in an interview.

PayPal already have a card reader, but where iZettle are strong is their in-store expertise, digital marketing strength and mobile point-of-sale technology.

Upon closing, PayPal gains in-store capabilities in the following 11 markets: Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden.

Check out the first trailer for Whitney Houston documentary
Houston , who had a daughter, Bobbi Kristina Brown, with Bobby Brown , is said to have insisted on taking Bobbi on tour with her. And I thought that was interesting. "There was something preventing her, in some way, from expressing her real self".


In a statement on its website, iZettle CEO and co-founder Jacob de Geer welcomed the deal, which he said would allow the company to "join forces" with PayPal.

IZettle expects to generate $165 million in revenue in 2018, and process about $6 billion on its platform.

iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson, and a year later they launched their first app service. "The combination of iZettle and PayPal will provide tremendous benefits to our merchants who will have access to an even wider range of tools to help them get paid, sell smarter and grow". Since Paypal now does not have a strong offline presence in these markets, it will look to leverage on iZettle to penetrate into these markets.

The transaction, which is expected to be Dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals.

PayPal hopes the transaction will close in the third quarter, the company announced.

Recommended:



Popular

Mark Warner Let Gina Haspel Off The Hook For Covering Up Torture
Dianne Feinstein, D-Calif., said the nomination was not just about Haspel, but the US grappling with its past mistakes. Patrick Leahy, D-Vt., said the world was watching the confirmation vote, which he called a "referendum on torture".

Trump presses Germany to drop Russian pipeline
Altmaier has said he is optimistic that a "substantial" amount of gas will flow through Ukraine in the future. In addition, the foreign Ministry explained why the "Nord stream-2" favorable to Germany.

Kristen Stewart goes barefoot at Cannes
But before entering the screening of the Spike Lee film, she slipped off her shoes to walk up the stairs. She was apparently not sanctioned for taking off her heels.

WWE 'Smackdown' Up for Grabs as NBCUniversal Moves to Pin Down 'Raw'
By airing on broadcast television every week, WWE could be motivated to stack SmackDown as much as possible. SmackDown moved full time to United States of America in January 2016, as the cable network home to Mr.

Mothercare Ireland distances itself from troubled namesake after 50 store closures
The plan to close stores and cut rents at 21 of its stores.is being carried out through a company voluntary arrangement ( CVA ). Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds.

Microsoft plans low-cost Surface tablet line to rival Apple's iPad
One version of the upcoming Surface will have 64gb storage, while another model will have 128gb worth of storage, Bloomberg said. It will be accompanied by more affordable versions of Microsoft's keyboard cover, mouse, and Surface Pen.

Petrol, diesel prices touch new high in two days
Higher crude oil price is negative news for the Indian economy as the country imports three-fourths of its crude requirement. A litre of diesel in Delhi will now cost ₹ 66.57, while in Mumbai , one litre of diesel now costs ₹ 70.88 in Mumbai .

Sports Betting Has Green Light, but Poll Suggests Apprehension
Connecticut, Pennsylvania, New Jersey , Mississippi and West Virginia all have passed laws that could legalize sports gambling . Some catch a couple European soccer games on the Jumbotron, placing bets in an app with the swipe of a finger.

PM Narendra Modi pans TMC government over panchayat poll violence
While BJP has won 49 seats and is leading in 14 seats and CPI (M) has won eight seats and leading in nine seats. Kolkata: The results for the West Bengal panchayat polls will be announced on Thursday.

US Senate votes to restore net neutrality
Still, Democrats are already using their messaging in campaign material. The repeal is scheduled to take effect June 11 .