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.
Up to now, although it has a limited presence in the area of point-of-sale, it doesn't have the same infrastructure of its potential rivals, whereas iZettle is becoming increasingly popular for pop-ups, markets and small businesses where a landline connected merchant is less appealing. It turns out that iZettle represents PayPal's biggest acquisition by quite some distance. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies". IZettle expects to generate $165 million in revenue in 2018, and process about $6 billion on its platform.
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"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", said Dan Schulman, president and CEO at PayPal.
The agreement will allow PayPal to expand its presence in payments in physical stores worldwide and will mark the largest acquisition ever made by the USA company.
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"The opportunity to become part of PayPal was too good to pass up", he said, "The global scale and 19 million merchant relationships that PayPal has enables us to move faster and reach further than ever before".
The deal will be PayPal's biggest purchase to date, gatecrashing plans by iZettle to float on the Nasdaq Stockholm in what would have been Europe's largest fintech IPO. The combination will give PayPal in-store capabilities in 11 markets including Brazil, Nordic countries, France, and Mexico. With ever-increasing advancements in mobile payments, the deal would help Paypal to exert its dominance rightly in the European market.
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Marco Rubio, R-Fla., tweeted Sunday that it would be "crazy" to allow ZTE to operate in the US without tighter restrictions. Ross last month accused ZTE of misleading the department and warned, "This egregious behavior can not be ignored".
Earlier this month, iZettle filed paperwork to go public with an offering of shares that valued the company at slightly more than a billion dollars. The transaction is expected to close in the third quarter of 2018. "But this is a very exciting way for the company to continue its vision".