PayPal is buying payments start-up iZettle for $2.2 billion ahead of IPO
18 May, 2018, 13:57 | Author: Tara Reeves
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.
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.
"In today's digital world, consumers want to be able to buy when, where and how they want".
The company was planning to raise about 2 billion Swedish crowns ($228 million) from the IPO.Established in 2010, iZettle is known for offering small businesses and individuals a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers.
It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.
"Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants", said De Geer.
US -based PayPal already operates in more than 200 countries around the world but is working to expand its offerings. The company expects to generate gross revenues of around $165m this year, with approximately $6bn of total payment volume expected to be processed on its platform.
"By joining the PayPal family we'll become iZettle with superpowers and jump on a fast track to realise our vision". He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned.
US-based Paypal was formerly part of eBay, but is now a standalone digital and mobile payments company.
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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