Founded in Stockholm in 2010, iZettle is a financial technology company that created a mini chip-card reader and software for mobile devices to enable small businesses around the world to get paid with credit cards instead of cash. The company currently works with small businesses in Europe and Latin America, providing payment tools and services. As coinvestor with 83North, Zobito was one of the early backers of iZettle together with Zouk Capital, Creandum and Northzone. Zobito Partner Mans Hultman also served as board member for iZettle. “iZettle and PayPal are a strategic fit, with a shared mission, values and culture as well as complementary product offerings and geographies,” reports Hultman.
PayPal President and CEO Dan Schulman states: “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.”
CEO and co-founder of iZettle Jacob de Geer will join PayPal and continue to lead iZettle. “We share PayPal’s strong belief in the power of small businesses. Together, we will be stronger and move even faster to help small businesses succeed in a world of giants,” he says.
More comprehensive information about the acquisition is available here:
https://www.izettleinvestors.com/en/an-open-letter-from-jacob-de-geer-izettle-to-join-forces-with-paypal/