This deal will be the biggest acquisition for PayPal to date.

PayPal recently announced that they will be acquiring European startup iZettle. The latter sells mobile credit card readers and other payment platforms.

The cash deal, which amounts to $2.2 billion, is PayPal’s biggest takeover to date. It will close in the third quarter of 2018.

PayPal CEO Dan Schulman shared his thoughts in a statement.

“iZettle and PayPal are a strategic fit, with a shared mission, values and culture—and complementary product offerings and geographies. In today’s digital world, consumers want to be able to buy when, where and how they want.”

“With nearly half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal’s market opportunity to be a global one-stop solution for omnichannel commerce.”

Based in Sweden, iZettle has already built a strong presence in Europe and South America. With the takeover, PayPal is able to bring its platform to 11 new countries including France and Germany.

According to Schulman, the acquisition “significantly expands PayPal’s in-store presence, strengthening PayPal’s platform to help millions of small businesses around the world grow.”

iZettle’s CEO, Jacob de Geer, is also very optimistic of the new partnership. He will continue to run the company which he co-founded.

“The combination of iZettle and PayPal will provide tremendous benefits to our merchants who will have access to an even wider range of tools to help them get paid, sell smarter and grow.”

Original Article Link: PayPal To Acquire Payments Startup Izettle for 2.2 Billion