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Swedish mobile payments platform iZettle has been acquired by PayPal in a deal worth $2.2bn.

"When we think about the combinations and capabilities of PayPal and iZettle", Schulman added, they "set us apart from anyone else".

iZettle, best known for offering small payment machines to small merchants, ranks among the rivals of Square, founded by Twitter CEO Jack Dorsey.

The acquisition, despite the amount being made, can help PayPal very much, since the company would be able to expand its access to countries in Europe as well as Latin American countries.

Dan Schulman said in the statement, "iZettle and PayPal are a strong strategic fit, with a shared mission, values, and culture - and complementary product offerings and geographies".

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TechCrunch reports that iZettle was hoping to raise $227 million on the Stockholm Nasdaq exchange, which would have valued the company at around $1.1 billion. The company expects to generate gross revenues of around $165m this year, with approximately $6bn of total payment volume expected to be processed on its platform.

Upon closing, PayPal gains in-store capabilities in the following 11 markets: Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden. Braintree remains a key business unit for PayPal today, serving to facilitate payments for ecommerce companies around the world.

For 2018, iZettle expects to generate gross revenues of United States dollars 165 million, and to process USD 6 billion worth of total payment volume (TPV) on its platform. While PayPal does not have a hold in these countries, iZettle has been a trusted name for some time.

The deal is expected to be sealed by the third quarter of this year.

Evercore is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP and Roschier are acting as its legal advisers with regard to the transaction.