PayPal Holdings, Inc. decided to buy financial technology startup iZettle from Sweden. This is the largest purchase by PayPal as they paid $2.2 billion.
This purchase will allow the online payment provider from California to expand into the retail terminal business in global markets. It is now going to compete with Jack Dorsey’s company, Square, Inc. Dorsey, of course, is also the CEO of Twitter.
iZettle’s headquarters are in Stockholm. The company had plans to go public. The company offers small businesses credit card readers. Businesses can use the readers to make their tablets or smartphones into payment registers. Currently, the company is present in 12 countries in Europe and Latin America. The company also offers other services to help customers manage their business better.
PayPal operates in 200 countries. By joining forces with PayPal, iZettle will be able to accelerate their expansion quickly. The company announced that they will aggressively expand into the U.S. market very soon.