PayPal in advanced talks to buy payments group iZettle

PayPal in advanced talks to buy payments group iZettle

PayPal Holdings Inc (PYPL.O) has agreed to acquire iZettle, one of Europe's best known financial technology startups, for $2.2 billion, the companies said on Thursday.

PayPal already have a card reader, but where iZettle are strong is their in-store expertise, digital marketing strength and mobile point-of-sale technology.

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.

The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the San Jose, California- based company.

"Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile", said Dan Schulman, president and CEO at PayPal.

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IZettle expects to generate gross revenues of approximately $165 million Dollars in 2018, with approximately $6 billion USD of total payment volume (TPV) expected to be processed on its platform.

At close, PayPal will get in-store capabilities in 11 markets, including Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden. The company said it expects to reach profitability by the year 2020.

The tie-up with iZettle will increase PayPal's capacity with firms with physical retail operations.

The transaction is expected to be approximately $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP EPS.

US-based Paypal was formerly part of eBay, but is now a standalone digital and mobile payments company. He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned.

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