PayPal gains bigger in-store presence with $2.2B acquisition
18 May, 2018, 10:15 | Author: Darnell Taylor
Payment giant Paypal has announced that it is all set to acquire Stockholm-based Fintech startup iZettle for $2.2 billion.
Under the leadership of CEO Dan Schulman, the company has been expanding aggressively through acquisitions and partnerships with large banks and technology firms including Bank of America Corp, JPMorgan Chase & Co, Apple Inc and Facebook Inc.
IZettle initially sold a mobile credit-card reader, similar to Square's, and has expanded into software and financing services to support small businesses. Since Paypal now does not have a strong offline presence in these markets, it will look to leverage on iZettle to penetrate into these markets.
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Buying iZettle will expand PayPal's reach into shops in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden. "With almost half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal's market opportunity to be a global one-stop solution for omnichannel commerce". Paypal expects this huge bet to pay off by giving it a formidable presence in the point-of-sales market and a better standing against strong competitors such as Square Inc and Stripe Inc.
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. The completion of this transaction is subject to customary closing conditions, including regulatory approvals. He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.
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