News

PayPal Will Soon Be Acquiring iZettle for About $2.2 Billion

The deal will help the digital payment giant to grow faster.

Paypal

The digital payment giant PayPal has struck a deal with iZettle to acquire it for $2.2 billion. iZettle is a European mobile payment company. The move is clear indication from Paypal’s end to expand its global outreach and test waters in new territories. With ever-increasing advancements in mobile payments, the deal would help Paypal to exert its dominance rightly in the European market.

Amanda Miller, a representative of Paypal confirmed company’s biggest takeover since its birth. According to an earlier report by Sky News, PayPal was in direct talks with iZettle to settle the scores.

Dan Schulman, PayPal’s chief executive said, “I’m pleased to announce that today we signed an agreement to acquire iZettle, the leading small business commerce platform in Europe and Latin America. This is the largest acquisition in our company’s history and significantly expands our in-store presence around the world, strengthening our platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment.

The deal is expected to be sealed by the third quarter of this year. After the acquisition, Jacob de Geer will continue to lead iZettle, and will report to PayPal COO Bill Ready.

Based in Stockholm, iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson with a mission to help small businesses “succeed in a world of giants” by leveling the playing field against bigger retailers. iZettle revolutionized mobile payments with the world’s first mini chip card reader and software for mobile devices. Today, the company’s commerce solutions empower nearly half a million merchants across 12 countries and two continents to get paid, sell smarter and grow their businesses.

The combination of PayPal and iZettle will bring together iZettle’s in-store expertise, digital marketing strength and mobile point-of-sale technology with PayPal’s global scale, online and mobile payments leadership and trusted brand reputation to support merchants and consumers in more ways.

In the recent past, there has been a major surge in the companies acquired in the European region. Few of them includes Microsoft procurement of Minecraft (Video-game) maker Mojang, followed by Google’s acquisition of the Artificial Intelligence startup DeepMind, and Apple’s investment in the two of the European start-up companies, Shazam and digital-assistant maker VocalIQ. These deals will exactly not encourage European policymakers to grow native business houses and enterprises as they would have wanted in the long run.
 

Tanya <span>Editor In Chief</span>
Written By
Tanya Editor In Chief

She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.

News

Asking Siri To Define 'Mother' May Not Turn Out As Expected

4 min read  

Siri is a well-known virtual assistant part of Apple Inc. One can communicate with it through voice commands and this amazing tech is now almost six years old. With each passing year, we expect Siri to get better and smartly understand the commands. However, in one of the recent instance, Siri respo

News

Why Snapchat's Redesign Won't Do Any Good & It Could Have Excelled

4 min read  

Snap rolled out yet another design but the multimedia messaging app failed to attract users this time also. Snapchat had really a great time back in the year 2016, after that the app’s popularity gradually declined with no improvements even now. It all started with Snap CEO Evan Spiegel ignore

News

Why Uber is Sued by Australian Cab Drivers?

4 min read  

To add to Uber’s woes ahead of the company’s much-anticipated IPO, Australian Uber drivers launched a class-action lawsuit over lost wages against the ridesharing platform. The lawsuit was filed on behalf of 6,000 Australian Uber drivers and it alleges the popular tech company is using u

News

Instagram Stories Can Be Cross-posted on Facebook Stories

4 min read  

It's annoying and time-consuming to post the same story separately for Instagram and Facebook. Frustrating to see a compromise in the image quality of your latest Instagram Shoot as you save your Insta Stories and then post them on Facebook Stories. Your grandma often misses on your cat whose ad

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH