San Francisco: PayPal announced a deal to buy Swedish online commerce startup iZettle for $2.2 billion, a deal that came as the young company was poised for a stock market debut. US-based PayPal, a unit of eBay, said that its biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses, particularly in Europe and Latin America.
“Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile,” PayPal chief executive Dan Schulman said in a release. “In today’s digital world, consumers want to be able to buy when, where and how they want.”
Schulman described the merging of iZettle and PayPal as a “strategic fit” combining shared values and culture with complementary product offerings and geographies. — AFP
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