PayPal Agrees to $2.2 Billion Deal for European Payments Start-Up iZettle

Paypal, the online payments company, is buying iZettle, Europe’s answer to the mobile payments company Square, for about $2.2 billion.

iZettle, which was founded 8 years ago and is based in Stockholm, began as a maker of products like credit card readers. It has since expanded its offerings to include analytics software and small business loans, giving it a strong foothold among such companies in Europe and Latin America.

The purchase would enable PayPal to increase its international expansion, and help it compete with Square, which has focused on processing payments for small businesses. Both companies are trying to capitalize on the growing volume of purchases being made on mobile phones and the internet.

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