SoylentNews

takyon [soylentnews.org] writes:

+techonomics

PayPal to Buy iZettle for $2.2 Billion to Compete With Square [bloomberg.com]

PayPal Holdings Inc. is buying Swedish small-business platform iZettle for $2.2 billion to expand in Europe and Latin America and increase its presence in brick and mortar stores.

"Small businesses increasingly want a full suite of capabilities across channels, a one-stop stop," Dan Schulman, chief executive officer of PayPal, said in an interview. "IZettle was the perfect fit in many ways."

The deal is the biggest ever for San Jose, California-based PayPal and will help it compete with Square Inc., which made a name for itself by helping small businesses and food-truck vendors conduct credit card and mobile transactions. Founded in 2010 by Jacob de Geer and Magnus Nilsson, iZettle also started out with a mobile-phone gadget for accepting credit card payments. It has since expanded into software and financing services to support small businesses.

All-cash deal = money in the (real) bank.

Also at TechCrunch [techcrunch.com].

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