The startup has been compared to Square, a payments platform co-founded by Twitter chief executive Jack Dorsey that made it easy to take credit card payments using smartphones or tablets. The San Francisco-based company continues to operate today as a standalone service within PayPal.
Stockholm-based iZettle is present in 11 countries and offers other services for small businesses such as lending.
The deal, which is due to close in the third quarter, is expected to be around $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP earnings per share. We understand that the two have been courting for years but PayPal has been playing hardball until its hand was forced.
Until now, iZettle has mainly operated in Europe and Latin America but, with PayPal's backing, the possibility of a stronger entrance into the U.S. market becomes more plausible.
Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.
SC Orders For Floor Test Tomorrow 4:00 PM
So, election of Speaker of Karnataka Assembly is to be held and only after that the "willing" Congress or JD (S ) MLAs can resign. The election to one seat was countermanded after the death of a candidate. "Supreme Court can change interim order tomorrow".
The deal is going to add value to PayPal and help them expand to new markets, a sentiment Dan echoed in his statement, "Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity".
Meanwhile in the UK, Square is already in situ along with an increasing number of smaller players like SumUp.
With iZettle, Paypal will have access to hundreds of thousands of brick-and-mortar retailers.
The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the United States fintech giant, Reuters reports.
PayPal and iZettle were not immediately available for comment.