Sci-tech

PayPal snaps up Swedish rival iZettle for this much

PayPal snaps up Swedish rival iZettle for this much

PayPal is shelling out $2.2 billion for the deal and it is going to be an all-cash transaction.

iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson with a mission to help small businesses and revolutionized mobile payments with the world's first mini chip card reader and software for mobile devices.

"In today's digital world, consumers want to be able to buy when, where and how they want".

It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.

By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its worldwide expansion, including to the U.S., the companies said.

However, in an interview with Bloomberg on Thursday, iZettle co-founder and chief executive Jacob de Geer said he had been convinced to instead agree a sale of the business.

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PayPal, based in San Jose, California, says Stockholm-based iZettle is on pace to process about $6 billion in payments this year. The company has grown its revenues at a CAGR of approximately 60% from 2015 to 2017. iZettle expects to reach EBITDA profitability by 2020 on a standalone basis.

"By joining the PayPal family we'll become iZettle with superpowers and jump on a fast track to realise our vision".

The transaction, which is expected to be United States dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals.

FORMER EBAY BAE PayPal has announced that it will buy mobile payment company iZettle in a multi-billion dollar deal. The completion of this transaction is subject to customary closing conditions, including regulatory approvals. He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned.

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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