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PayPal buys payments startup iZettle for $2.2 billion

PayPal
Acquisition   Stockholm-based iZettle

PayPal Holdings has agreed to acquire iZettle, one of Europe’s best known financial technology startups, for $2.2 billion.


iZettle is best known for offering small businesses a mini credit card reader that can turn smartphones and tablets into payment registers, akin to that offered by U.S.-based Square, the company founded by Twitter chief executive officer Jack Dorsey.

Stockholm-based iZettle is present in 11 countries and offers other services for small businesses such as lending. It had advanced plans to go public.

By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its international expansion, including to the U.S., the companies said.


 

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