PayPal Holdings has agreed to acquire Sweden-based payments startup iZettle in a deal worth US$2.2 billion, according to an announcement Thursday.
The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the US fintech giant, Reuters reports.
iZettle, which is headquartered in Stockholm, is best known for offering small businesses a mini credit card reader that can turn smartphones and tablets into payment registers.
The company has a presence in 11 countries and offers other services for small businesses such as lending.
By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its international expansion, including to the US.
iZettle CEO Jacob de Greer and the company’s management team will continue to lead the business, which expects to process US$6 billion in payments in 2018, the report said.
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