Paypal Acquires Leading Swedish Online Payments Provider
Paypal, the leading online payments system is ready to make its biggest gamble on point-of-sale transactions, small businesses and markets out of America, as the competition between Square, Stripe and others in the world of payments. Indeed, the online payment giant is set to acquire iZettle – a Sweden-based payments provider that holds the tag of “Square of Europe” for a reported fee of $2.2 billion in cash.
The deal is expected to close in the third quarter of this year and iZettle’s co-founder and CEO Jacob de Geer is expected to remain at the head of his company. Other important executives of the company will also keep their roles in the business post-acquisition. With this deal, Paypal announced that they will make the firm become “a center of excellence” for in-store and offline p...