Tuesday, 17 July, 2018

PayPal Acquires iZettle for $2.2 Billion

PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal PayPal in talks to buy Swedish small-business platform iZettle for $2.2 billion
| 18 May, 2018, 16:30

The deal also sets PayPal on a collision course with Twitter founder Jack Dorsey's e-payments platform, Square, which offers a similar platform that lets small businesses accept card payments by plugging a card reader into their smartphones.

Reports last month suggested that PayPal could be moving into supplying debit cards as it looks to expand its reach into the wider payments world.

It has a presence in 11 countries including Brazil and Mexico as well as across Europe - with its brand increasingly familiar in British coffee shops and restaurants.

iZettle was planning an IPO which would have raised around $1.1bn on the Stockholm NASDAQ, making the PayPal payout a no-brainer for investors.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.

Jacob de Geer, the chief executive officer of iZettle, will stay on-board to lead the business, reporting to Bill Ready, the chief operating officer of PayPal.


The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the U.S. fintech giant, Reuters reports. The deal expands PayPal's in-store expansion opportunities in its current markets and help the company push omnichannel commerce services in Australia, the United Kingdom and the US.

PayPal announced that it is buying European Square competitor iZettle last night, in a deal worth $2.2 billion.

The deal, which is due to close in the third quarter, is expected to be around $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP earnings per share.

The announcement came after Sky News revealed that the two companies were in advanced talks.

"By joining the PayPal family we'll become iZettle with superpowers and jump on a fast track to realise our vision".

Recommended

Co-pilot sucked halfway out cockpit window on China's Sichuan Airlines Co-pilot sucked halfway out cockpit window on China's Sichuan Airlines A pilot is being called a hero after making an emergency landing when the plane's windshield cracked mid-flight. Passengers were being served their breakfast when the plane plunged suddenly to 24,000ft from above 30,000 feet.

European Union unveils 'statute' to protect Iran trade against U.S. sanctions European Union  unveils 'statute' to protect Iran trade against U.S.  sanctions Iranian President Hassan Rouhani said that Tehran would not abandon the JCPOA and would continue to comply with its obligations. According to European sources, this measure may become the EU's first step towards ditching dollar in trade with Iran.

Syria's Assad meets with Putin in Russian Federation Syria's Assad meets with Putin in Russian Federation He also visited Putin in Moscow in October 2015, soon after Russian Federation launched its military operation in Syria. The two presidents last met in December at a Russian military air base in Syria's coastal province of Latakia.

10 missing as boat capsizes in Godavari River in Andhra 10 missing as boat capsizes in Godavari River in Andhra A team of divers, along with Dornier aircraft, have been sent to Rajahmundry to join rescue operations. Chief Minister N Chandrababu Naidu directed the officials to launch rescue operations on war footing.

Things the New Trump Tower Meeting Documents Tell Us Things the New Trump Tower Meeting Documents Tell Us Trump Jr . said he "wouldn't have wasted his time" by telling him about the meeting. It said the ICA didn't meet intelligence standards in drawing the conclusion.

Senate Votes to Bring Back Net Neutrality Rules Senate Votes to Bring Back Net Neutrality Rules While Collins' support had been public leading up to the vote, Murkowski's and Kennedy's "yes" votes came as a surprise to some. Accordingly, the vote will likely become a mid-term campaign issue for Democrats.

'Yanny Or Laurel' Creator Gives The REAL Answer! That Voice Is Saying… 'Yanny Or Laurel' Creator Gives The REAL Answer! That Voice Is Saying… As for the dress that caused an earlier commotion, some people said it was white and gold, while others saw blue and black . I think that the way the word was pronounced or recorded, it just happens to contain all of the frequencies for both words.

Arsenal could accelerate Mikel Arteta appointment as rivals continue to drop out Arsenal could accelerate Mikel Arteta appointment as rivals continue to drop out Arteta also has received tutelage from a man that many consider the best in the business today by assisting under Guardiola . Meanwhile, Pires and Vieira were teammates for six years at Arsenal .

Lhakpa Sherpa scales Mt Everest nine times breaking own record Lhakpa Sherpa scales Mt Everest nine times breaking own record This year, her climb was sponsored by the outfitter Black Diamond, who provided gear and monetary support. He has already climbed most of the peaks above 8,000 meters including K2 and Annapurna, among others.

Swiss Tesla accident: crash may have sparked battery fire Swiss Tesla accident: crash may have sparked battery fire Tesla said it was working to gather all the facts about the Swiss case and was fully cooperating with the local authorities. Last week, the NTSB opened a probe into an incident in which a Model S caught fire after crashing into a wall in Florida.

Best-Selling Writer Tom Wolfe Dies At Age 88 Best-Selling Writer Tom Wolfe Dies At Age 88 In the collection Wolfe wrote , "The most important literature being written in America today is in nonfiction". Ephron) had been a founding contributor 20 years earlier.

Taliban 'Pushed Back' In Farah City: Governor Taliban 'Pushed Back' In Farah City: Governor The Ministry of Defense (MoD) claims that the Taliban militants have suffered heavy casualties during the attack on Farah city. The Taliban issued a statement warning residents to remain inside their homes and called on people to "stay calm".

Million Facebook Users' Data Exposed by Personality Quiz Million Facebook Users' Data Exposed by Personality Quiz Zuckerberg had made its clear that any app that either refused or failed an audit would be banned from Facebook . Yet another instance of a Facebook app putting innocent users' sensitive private data at risk has been uncovered.

Indonesia police kill three 'terrorists' who attacked officers with a sword Indonesia police kill three 'terrorists' who attacked officers with a sword Its worst-ever attack was the 2002 Bali bombings that killed more than 200 people, including locals and foreign tourists. State Department terrorist list that is reckoned to have drawn hundreds of Indonesian sympathizers of Islamic State.

UN Mideast envoy condemns violence in Gaza UN Mideast envoy condemns violence in Gaza Some countries, among them South Africa and Turkey, have recalled their ambassadors to Israel over the violence. Nakba Day not only honors the displacement of Palestinians, but also advocates for their right to return.