Izettle hands over Ownership to Paypal for $2.2bn [PayPal buys Izettle]
PayPal has bought a Swedish mobile payments company that sells a card-reader aimed at small businesses, iZettle, for $2.2bn (£1.6bn).
This boost's PayPal's in-store presence at a time when competition in the online payments sector is increasing.
The takeover comes less than three weeks after iZettle said it would list shares in Stockholm.
At the time the firm said the listing would help it raise money and expand.
When complete, the acquisition of iZettle will mean PayPal has an in-store presence in 11 markets in Europe and Latin America.
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."
Founded in Stockholm in 2010, iZettle started out selling credit and debit card readers that could be plugged into smart phones and tablets.
It has more recently expanded with an e-commerce platform which tracks items such as sales and inventory for its customers.
The Swede leading the way to a cashless society
US-based Paypal was formerly part of eBay, but is now a standalone digital and mobile payments company. It claimed more than 200 million active customer accounts at the end of last year.
It owns the peer-to-peer payments company Venmo, which is popular in the US, and last year acquired Swift Financial, which makes business loans.
The firm said last month that it was considering additional acquisitions.
It is facing increased competition as more companies, including Apple and major banks, improve their digital offerings.
The tie-up with iZettle will increase PayPal's capacity with firms with physical retail operations.
Comment!!!
But
I will flag any spam comment
Thanks!!!
Congratulations @huncey! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your Board of Honor.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last announcement from @steemitboard!
Congratulations @huncey! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @huncey! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @huncey! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @huncey! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
Congratulations @huncey! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!