PayPal Buys Payments Startup iZettle for $2.2 Billion

PayPal Experiments With More Traditional Banking Services

PayPal Holdings Inc is in advanced talks to buy Swedish payment group iZettle, Sky News reported on Thursday, citing sources familiar with the matter.

Being the biggest ever acquisition for Paypal, the payment giant is obviously taking a huge bet by acquiring the Stockholm headquarter startup.

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 tie-up with iZettle will increase PayPal's capacity with firms with physical retail operations.

PayPal, based in San Jose, California, says Stockholm-based iZettle is on pace to process about $6 billion in payments this year.

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At close, PayPal will get in-store capabilities in 11 markets, including Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden.

"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 President and CEO Dan Schulman said in a press release. The company said it expects to reach profitability by the year 2020. The two companies will continue to operate independently until close.

Since separating from online marketplace eBay in 2015, PayPal has reshaped itself from mostly processing transactions for its parent company online to offering a suite of digital payment services across the world.

Evercore is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP and Roschier are acting as its legal advisers with regard to the transaction.

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