SAN FRANCISCO - PayPal on Thursday announced a deal to buy Swedish online commerce startup iZettle for $2.2 billion, a deal that came as the young company was poised for a stock market debut. Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies. The iZettle platform for handling retail transactions is used by nearly a half million merchants, according to PayPal. The startup has been compared to Square, a payments platform co-founded by Twitter chief executive Jack Dorsey that made it easy to take credit card payments using smartphones or tablets. After close of the acquisition, co-founder Jacob de Geer will remain in charge of iZettle, reporting to PayPal chief operating officer Bill Ready, according to the companies.

Source: Bangkok Post May 18, 2018 02:37 UTC