PayPal bags iZettle in $2.2bn move into bricks-and-mortar commerce

PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

PayPal in talks to buy Swedish small-business platform iZettle for $2.2 billion

"Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants", iZettle chief executive Jacob de Geer said in the release.

The decision from iZettle comes just over a month after Spotify became arguably Europe's largest startup to refuse to sell up to a USA or Asian investor, listing on the New York Stock Exchange for about $27 billion.

The deal could well see PayPal move out of the online world and become a recognised form of payment in shops using iZettle's card readers, competing with the likes of Apple Pay.

The chip-card reader and its app for smartphone-based mobile commerce meet global security standards. iZettle's service is available in 12 countries which includes United Kingdom, Finland, Denmark, Germany, Italy, Netherlands, Spain, Italy, Germany, and Brazil, among others.

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Announcing the takeover, the companies said that by joining forces with PayPal, iZettle would be able to accelerate its worldwide expansion including to the US.

Founded in 2010 in Stockholm by Jacob de Geer and Magnus Nilsson, iZettle provides a payment platform for small businesses.

Based in Stockholm, iZettle offers a range of payment and commerce solutions, including payments, point of sales, funding and partners applications.

At close, PayPal will get in-store capabilities in 11 markets, including Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden. IZettle does not now face too much direct competition from its main rival, the NASDAQ-listed Square, as the companies' operations only really overlap in the UK.

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The two parties have been negotiating a deal for years, but what may have convinced PayPal to seal the deal was iZettle IPO plans.

The company is still operating at a loss, according to IPO documentation.

The deal should be concluded by the third quarter of the year.

JPMorgan Chase & Co. was sole financial adviser to iZettle, while PayPal worked with Evercore Inc.

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