PayPal agrees $2.2bn deal for Swedish payments firm iZettle

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

Besides, iZettle's strong presence in U.K will also give Paypal a headstart in one of Europe's highly lucrative market.

The acquisition is the largest in PayPal's history and is for a company that is still making a loss.

iZettle was founded in 2010 with an aim to offer plethora of affordable financial services like point-of-sales and partner application to small businesses.

iZettle is a mobile payments company that sells card-readers, primarily to small businesses.

When complete, the acquisition of iZettle will mean PayPal has an in-store presence in 11 markets in Europe and Latin America.

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

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iZettle was planning an IPO which would have raised around $1.1bn on the Stockholm NASDAQ, making the PayPal payout a no-brainer for investors.

While PayPal predominates as an alternative payment mechanism for websites and other online merchants, it lacks the kind of hardware and infrastructure to enable small business owners to take card payments via mobile technology. The deal will give PayPal a bigger footprint in hundreds of thousands of stores, and bring it in even more direct competition with Square.

Upon closing of the deal, PayPal will gain in-store capabilities in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden. The sources say that iZettle's plan to file for IPO was what made the deal appear so quickly. The company is expected to process payments worth $ 6 billion in 2018 and generate $ 165 million in gross revenue. The San Francisco-based company continues to operate today as a standalone service within PayPal.

The transaction, which is expected to be United States dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals.

JPMorgan Chase & Co. was sole financial adviser to iZettle, while PayPal worked with Evercore Inc.

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