PayPal buys payments startup iZettle for US$2.2 bn

PayPal Confirms Its Decision to Buy iZettle Paying $2.2 Billion

PayPal Holdings Inc (PYPL.O) is in advanced talks to buy iZettle AB (IPO-IZET.ST) in a deal that could value the Swedish fintech at around $2.2 billion, the Wall Street Journal reported on Thursday, citing sources familiar with the matter, APA reports quoting Reuters. The deal expands PayPal's in-store expansion opportunities in its current markets and help the company push omnichannel commerce services in Australia, the United Kingdom and the US.

iZettle, best known for offering small payment machines to small merchants, ranks among the rivals of Square, founded by Twitter CEO Jack Dorsey. 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. Based in Stockholm, Sweden, iZettle revolutionized mobile payments in 2010 with the world's first mini chip card reader and software for mobile devices.

Stockholm-based iZettle is present in 11 countries and offers other services for small businesses such as lending. The company's CEO, Jacob de Geer, will continue to lead the business under PayPal. It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.

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Both PayPal and Square are vying to help mostly small- and medium-sized retailers process sales that aren't paid with cash. The company has grown its revenues at a CAGR of approximately 60% from 2015 to 2017. iZettle expects to reach EBITDA profitability by 2020 on a standalone basis.

Evercore is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP and Roschier are acting as its legal advisers with regard to the transaction.

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