Digital payments giant, PayPal is buying Swedish payments startup, iZettle for $2.2bn
The takeover comes less than three weeks after iZettle said it would list shares in Stockholm. The firm had been planning to raise more funds to expand its business. The takeover will enable iZettle to accelerate its international expansion including to the US.
PayPal will now have an in-store presence in 11 markets across Europe and Latin America.
The agreement was confirmed on Thursday by a spokesperson for PayPal.
Dan Schulman, CEO of PayPal said: “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.”
As digital transactions are rapidly becoming the most popular way to pay, this acquisition will give PayPal an even stronger standing in the world of payments.
Founded in Stockholm in 2010, iZettle began by selling credit and debit card readers that could be plugged into smartphones and tablets. The company boasts around 200 million active customers.