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PayPal closes purchase of iZettle

September 25, 2018

On Thursday, PayPal Holdings Inc. completed its acquisition of mobile payments provider iZettle for approximately $2.2 billion. This transaction is intended to help accelerate growth and deliver a seamless commerce experience for merchants, according to a press release.

"We're thrilled to welcome the iZettle team to the PayPal family and are excited to expand the ways we serve our small business customers," PayPal Chief Operating Officer Bill Ready said in the release. "IZettle brings a suite of products and services that allows merchants to meet their customers where they are — online, in store or via mobile. This is another step in our journey toward democratizing commerce tools to help businesses of all sizes thrive."

As part of the transaction iZettle cofounder and CEO Jacob de Geer has joined PayPal and will continue to lead iZettle, reporting to Ready. Magnus Nilsson, co-founder and Executive Chairman of iZettle, also has joined PayPal.

The U.K. Competition and Markets Authority has initiated a review of the transaction. PayPal and iZettle brands and operations will be held separate as agreed with the CMA pending completion of the review.