Friday, 18 May 2018

PayPal bought iZettle, Swedish mobile payments company for $2.2bn



PayPal has bought iZettle, a Swedish mobile payments company that sells a card-reader aimed at small businesses, for $2.2bn (£1.6bn).

 
The move boosts PayPal's in-store presence at a time when competition in the online payments sector is increasing.


The takeover comes less than three weeks after iZettle said it would list shares in Stockholm.


At the time the firm said the listing would help it raise money and expand.


When complete, the acquisition of iZettle will mean PayPal has an in-store presence in 11 markets in Europe and Latin America.
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."


Founded in Stockholm in 2010, iZettle started out selling credit and debit card readers that could be plugged into smart phones and tablets.


It has more recently expanded with an e-commerce platform which tracks items such as sales and inventory for its customers.




BBC        News.