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US: PayPal challenges Square with US$2.2b EU acquisition

By  |  May 22, 2018

Days after iZettle said it planned to seek a listing on the NASDAQ Stockholm stock exchange, PayPal Holdings has announced that it is acquiring the Swedish payments company for US$2.2 billion in cash. With the deal, which may close in the third quarter, iZettle’s co-founder and CEO, Jacob de Geer, will reportedly continue on with iZettle, TechCrunch reported.

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    “iZettle and PayPal are a strategic fit, with a shared mission, values and culture – and complementary product offerings and geographies,” said PayPal president and CEO, Dan Schulman, in a statement. “In today’s digital world, consumers want to be able to buy when, where and how they want. With nearly half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal’s market opportunity to be a global one-stop solution for omnichannel commerce.”

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    The news comes almost one year after iZettle said it would enable users across Europe to register local mobile payments methods and send invoices through its point-of-sale app. With the app, businesses could enable the British Pay by Bank app, Swedish Swish, Norwegian Vipps and MobilePay in Denmark, Finland and Norway.

    Full Content: Techcrunch

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