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18 May 2018, 02:28 | Yvette Williams
PayPal boss Dan Schulman called the purchase a 'strategic fit'
PayPal Holdings will take over iZettle, one of Europe's best known financial technology startups, in a deal worth Dollars 2.2 billion, said the two companies.
The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the USA fintech giant, Reuters reports. The chip-card reader and its app for smartphone-based mobile commerce meet global security standards. iZettle's service is available in 12 countries which includes United Kingdom, Finland, Denmark, Germany, Italy, Netherlands, Spain, Italy, Germany, and Brazil, among others.
By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its global expansion, including to the US.
As per the deal, the position of iZettle's co-founder and CEO Jacob de Geer will remain intact. iZettle's entire executive team will also continue the operation as before.
The deal is expected to close in the third quarter of this year - at which point PayPal will gain in-store capabilities in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain, and Sweden, while accelerating its omnichannel commerce solutions in Australia, UK, and US.
The companies said on Thursday, May 17, 2018, that the deal will strengthen their platform to help millions of small businesses around the world grow and thrive in an omni-channel retail environment. A merger would catapult PayPal into hundreds of thousands of brick-and-mortar storefronts globally in an effort to bring its digital payments tool into physical retailers and compete with companies, like Square. This is not the first time PayPal acquires startups with brilliant tech, but in this case, iZettle would have become a potential rival, had it raised enough funds via IPO.
The transaction is expected to be approximately $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP EPS.
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