PayPal agrees $2.2bn deal for Swedish payments firm iZettle

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

PayPal has agreed to buy iZettle, one of Europe's best-known financial technology startups for Dollars 2.2 billion, the companies said on Thursday.

iZettle, best known for offering small payment machines to small merchants, ranks among the rivals of Square, founded by Twitter CEO Jack Dorsey. 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.

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

This combination brings together iZettle's in-store expertise, recognized brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation.

European Union top diplomats to follow through JCPOA
It would seem, that the Obama brokered deal was so one-sided that Iranians had to bribe officials to go along with it. Other signatories to the JCPOA, however, criticized Trump's decision to unilaterally pull out.

FORMER EBAY BAE PayPal has announced that it will buy mobile payment company iZettle in a multi-billion dollar deal. It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.

Stockholm-based iZettle is present in 11 countries. The opportunity to become part of PayPal was too good to pass up. 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.

Nasdaq-listed PayPal is a giant in the sector, disclosing in first quarter results last month that it processed $49bn (£36.3bn) in mobile payments during the three months to 31 March. Close sources claim that the IPO filing forced Paypal management to speed up the acquisition process. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.

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