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Zettle, based in Stockholm, already operates in 11 countries and offers other small business services.

Founded in 2010 in Stockholm by Jacob de Geer and Magnus Nilsson, iZettle provides a payment platform for small businesses. PayPal closed the Nasdaq trading day in NY with a market value of about $94 billion based on its share price, which rose a percent to $80 in after-hours trades. The company is on track for $165 million in revenue this year, up 60 percent from a year ago, while losses appear to be narrowing.

PayPal president Dan Schulman said: "This combination brings together iZettle's in-store expertise, recognised brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation".

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PayPal said that its biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses. While it may raise some questions around the ambitions of European technology startups, given that iZettle had recently revealed its intentions to go public, it also revealed how eager PayPal is to boost its brick-and-mortar aspirations in Europe.

PayPal's last acquisition was in 2017 when it acquired Swift Financial in August that year.

Announcing the takeover, the companies said that by joining forces with PayPal, iZettle would be able to accelerate its global expansion including to the US. IZettle does not now face too much direct competition from its main rival, the NASDAQ-listed Square, as the companies' operations only really overlap in the UK. This is not the first time PayPal acquires startups with brilliant tech, but in this case, iZettle would have become a potential rival, had it raised enough funds via IPO.

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The company is still operating at a loss, according to IPO documentation.

The transaction, which is expected to be United States dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.

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