ibusinesslines.com
ibusinesslines.com May 22, 2018


PayPal gains bigger in-store presence with $2.2B acquisition

18 May 2018, 10:15 | Justin Tyler

PayPal in talks to buy Swedish small-business platform iZettle for $2.2 billion

PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

It would be the largest ever deal for PayPal, Bloomberg reported.

The digital payments giant PayPal Holdings is in advanced talks about a takeover of iZettle in a move that would gatecrash one of the European technology sector's biggest stock market flotations.

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. Since Paypal now does not have a strong offline presence in these markets, it will look to leverage on iZettle to penetrate into these markets.


Upon closing, PayPal gains in-store capabilities in the following 11 markets: Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden.

PayPal president Dan Schulman said: "This combination brings together iZettle's in-store expertise, recognised brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation".

PayPal was even cast aside by EBay earlier this year in favour of Dutch fintech startup Adyen, which is also thought to be plotting an IPO with a valuation of more than $1bn. According to a statement by the two companies, iZettle expects to generate gross revenue of about $165 million in 2018, with roughly $6 billion of total payment volume expected to be processed on its platform. He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned.



Other News

Trending Now

Some Republicans see progress on 'Dreamer' immigration deal
Whatever the House passes would have to be merged with a separate farm bill from the Senate , which has not yet been released. Bob Goodlatte's (R-VA) hardline anti-immigrant bill, which doesn't now include a path to citizenship for DACA beneficiaries.

US Senate confirms Gina Haspel to lead Central Intelligence Agency
National Intelligence Director Dan Coats said Haspel has integrity and both frontline and executive intelligence expertise. They said the US needs to close the book forever on the program that marred America's image with allies overseas .

Mischievous anti-hero Deadpool returns in his second fun, bawdy film
If you really want to drop someone with words it has to be more personal and that's part of the fun of this insult contest . No spoilers here, but there is a layered structure in the narrative here that was missing in the original.

Tampa Bay Lightning look to even series vs. Washington Capitals
Nicklas Backstrom returned to the Capitals' lineup for Game 4 of the Eastern Conference final against the Tampa Bay Lightning. Trotz notices a difference in his players" attitude on home ice, saying: "It's "us against the world' when were on the road".

Kentucky Preliminary April Unemployment Rate 4 Percent
The participation rate climbed to 65.6 percent, near levels seen in early 2011, as more women entered the labour force. The trend unemployment rate remained at 5.5 per cent in April 2018 after the March figure was revised down.

Frontier adds ABQ-San Antonio flight
Frontier Airlines on Thursday announced it is adding direct service from San Antonio , Texas , to nine cities, including Omaha. Those routes, and several others, were eliminated previous year after other airlines - chiefly United - cut fares to compete.

Benzema, Martial, Payet left off France World Cup squad
With English football fans continuing to bicker over Gareth Southgate's World Cup squad, France have now announced their team for this summer's tournament. .