PayPal, the digital payments company, announced on Thursday (Sept. 20) that it has completed its acquisition of iZettle.
In a press release, PayPal said the closed $2.2 billion deal builds on the company’s products and services that are geared toward small businesses. “We’re thrilled to welcome the iZettle team to the PayPal family, and are excited to expand the ways we serve our small business customers,” said Bill Ready, chief operating officer of PayPal, in the press release. “iZettle brings a suite of products and services that allow merchants to meet their customers where they are – online, in-store or via mobile. This is another step in our journey toward democratizing commerce tools to help businesses of all sizes thrive.”
With the close of the acquisition, PayPal said Jacob de Geer, co-founder and CEO of iZettle, will join PayPal and continue to lead iZettle, reporting to Ready. Magnus Nilsson, co-founder and executive chairman of iZettle, is also joining PayPal, noted the payments company.
“Today is a very big day – for me and for everyone at iZettle,” de Geer said in the same press release. “We share PayPal’s strong belief in the power of small businesses. Together, we will be stronger and move even faster to help small businesses succeed in a world of giants.”
Prior to the closing of the acquisition, the U.K. Competition and Markets Authority (CMA) initiated a review of the transaction. PayPal said it is working with the CMA as it conducts its review. PayPal's and iZettle's brands and operations will be held separately pending completion of the CMA’s review.
In announcing the deal in May, PayPal Chief Executive Dan Schulman said the two companies are a strategic fit with a shared mission. “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,” he said at the time.