PayPal gains bigger in-store presence with $2.2B acquisition

18 May, 2018, 10:17 | Author: Dwayne Harmon
  • PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

PayPal is finalizing a deal to buy Swedish small-business platform iZettle for $2.2 billion, Bloomberg News reported on Thursday. It would be the largest ever deal for PayPal, Bloomberg reported.

IZettle initially sold a mobile credit-card reader, similar to Square's, and has expanded into software and financing services to support small businesses.

The iZettle platform for handling retail transactions is used by almost a half million merchants, according to PayPal.

iZettle, headquartered in Stockholm, is present in 11 countries, including Brazil, and offers other services to small businesses as loans.

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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 Stockholm-based startup founded in 2010 expected to handle about $6 billion in transactions this year, taking in gross revenue of approximately $165 million (roughly Rs. 1,100 crores) in the process. 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.

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

The transaction, which is expected to be Dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual 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.

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