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 levelling the playing field against bigger retailers. The chip-card reader and its app for smartphone-based mobile commerce meet worldwide security standards. iZettle's service is available in 12 countries which includes United Kingdom, Finland, Denmark, Germany, Italy, Netherlands, Spain, Italy, Germany, and Brazil, among others.
Announcing the takeover, the companies said that by joining forces with PayPal, iZettle would be able to accelerate its worldwide expansion including to the US.
De Geer will continue to lead iZettle, reporting to PayPal's COO Bill Ready, and will be joined by the rest of the iZettle management team. "Together, we will help small businesses around the world grow and thrive in the global digital economy".
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The move boosts PayPal's in-store presence at a time when competition in the online payments sector is increasing.
Paypal's acquisition of iZettle has also come at a time when the latter has already filed for an IPO in the Stockholm stock market for raising almost $227 million.
The deal is going to add value to PayPal and help them expand to new markets, a sentiment Dan echoed in his statement, "Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity". Today, the company's commerce solutions empower almost half a million merchants across 12 countries and two continents to get paid, sell smarter and grow their businesses.
Upon closing, PayPal gains in-store capabilities in the following 11 markets: Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden. The company forecast reaching EBITDA profitability by 2020 on a standalone basis.