Saturday, 22 September, 2018

PayPal's 5 biggest acquisitions before its $2.2 billion iZettle deal

Dan Schulman PayPal PayPal CEO Daniel SchulmanAP
Jodi Jackson | 18 May, 2018, 16:32

IZettle, which provides mobile card readers and offers digital payment services to small businesses, is used by nearly half a million merchants. It claimed more than 200 million active customer accounts at the end of a year ago.

Up to now, although it has a limited presence in the area of point-of-sale, it doesn't have the same infrastructure of its potential rivals, whereas iZettle is becoming increasingly popular for pop-ups, markets and small businesses where a landline connected merchant is less appealing.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.

The agreement will allow PayPal to expand its presence in payments in physical stores worldwide and will mark the largest acquisition ever made by the United States company.

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". The acquisition will expand PayPal in different countries such as France, Germany, Italy, Mexico, Brazil, Denmark, Finland, Sweden, Norway and Spain.

"This is the largest acquisition in our company's history and significantly expands our in-store presence around the world, strengthening our platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment".

Being the biggest ever acquisition for Paypal, the payment giant is obviously taking a huge bet by acquiring the Stockholm headquarter startup. While it may raise some questions around the ambitions of European technology startups, given that iZettle had recently revealed its intentions to go public, it also revealed how eager PayPal is to boost its brick-and-mortar aspirations in Europe. The two companies will continue to operate independently until close.

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