PayPal takes on Square with massive $2.2B iZettle purchase
PayPal just confirmed that it’s buying Swedish payments startup iZettle for $2.2 billion in an all-cash transaction, which would make it PayPal’s biggest purchase ever. The company paid $890 million for Xoom a few years ago, and $800 million for Venmo back in 2013, when it still was a part of eBay.
iZettle’s main business is similar to Square’s. The company provides a card-reading dongle that can be used with smartphones and tablets, an appealing card payment option for small businesses that might otherwise avoid them due to higher costs.
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PayPal takes on Square with massive $2.2B iZettle purchase originally appeared on BGR.com on Fri, 18 May 2018 at 06:50:40 EDT. Please see our terms for use of feeds.