PayPal Holdings, an operator of worldwide online payments system, has completed its acquisition of iZettle for approximately $2.2bn.
This transaction builds on PayPal’s strong set of products and services for small businesses and is intended to help accelerate growth and deliver a seamless commerce experience for merchants.
PayPal chief operating officer Bill Ready said: “We’re thrilled to welcome the iZettle team to the PayPal family and are excited to expand the ways we serve our small business customers.
“iZettle brings a suite of products and services that allows merchants to meet their customers where they are – online, in store or via mobile. This is another step in our journey toward democratizing commerce tools to help businesses of all sizes thrive.”
With the close of the deal, Jacob de Geer, co-founder and CEO of iZettle, now joins PayPal and will continue to lead iZettle, reporting to Ready. Magnus Nilsson, co-founder and Executive Chairman of iZettle, also joins PayPal.
“Today is a very big day – for me and for everyone at iZettle,” de Geer said. “We share PayPal’s strong belief in the power of small businesses. Together, we will be stronger and move even faster to help small businesses succeed in a world of giants.”
Prior to the closing of the acquisition, the UK Competition and Markets Authority (CMA) initiated a review of the transaction. PayPal is working cooperatively with the CMA as it conducts its review. PayPal and iZettle brands and operations will be held separate as agreed with the CMA, pending completion of the CMA’s review.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy.
Our open digital payments platform gives PayPal’s more than 250 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person.
Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid.
Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.
iZettle is on a mission to help small businesses succeed in a world of giants. Founded in Stockholm in 2010, the financial technology company revolutionised mobile payments with the world’s first mini chip card reader and software for mobile devices.
Source: Company Press Release