PayPal is buying payments start-up iZettle for $2.2 billion ahead of IPO

Fintech giant PayPal confirmed on Thursday it’s reached a deal to buy payments start-up iZettle for $2.2 billion — the biggest acquisition in its history.

U.S.-based PayPal already operates in more than 200 countries around the world but is working to expand its offerings.

IZettle provides mobile card readers and other digital payment products to small businesses. A merger would catapult PayPal into hundreds of thousands of brick-and-mortar storefronts in an effort to bring its digital payments tool into physical retailers.

iZettle, which is based in Sweden, said last week it would list an IPO on the Nasdaq in Stockholm sometime this year.

Shares of PayPal gained 1.8 percent during regular trading, and continued edging up near 1 percent after the bell.

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