PayPal buys payments startup iZettle for US$2.2 bn
May 18, 2018, 14:28
PayPal Holdings Inc. has agreed to acquire iZettle, the leading small business commerce platform in Europe and Latin America, for $2.2 billion to expands in-store presence around the world.
The startup has been compared to Square, a payments platform co-founded by Twitter chief executive Jack Dorsey that made it easy to take credit card payments using smartphones or tablets.
Up to now, although it has a limited presence in the area of point-of-sale, it doesn't have the same infrastructure of its potential rivals, whereas iZettle is becoming increasingly popular for pop-ups, markets and small businesses where a landline connected merchant is less appealing.
By joining PayPal, which operates in 200 countries, iZettle will be able to accelerate its worldwide expansion, including to the US, the companies said.
IZettle expects to generate gross revenues of approximately $165 million Dollars in 2018, with approximately $6 billion USD of total payment volume (TPV) expected to be processed on its platform. The transaction ranks as the largest acquisition in PayPal's history, The Wall Street Journal reported.
"We believe that the listing will support our continued growth, our strategy and provide us with improved access to capital markets", CEO Jacob de Geer told CNBC at the time.
The deal is going to add value to PayPal and help them expand to new markets, a sentiment Dan echoed in his statement, "Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity".
On Thursday, Ghana's vice president, Dr Mahamudu Bawumia, said the country will plunge into the Paypal system by the first half of 2020. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year. PayPal and iZettle have been in talks for years regarding a possible acquisition, but it was being delayed due to multiple reasons.
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