From its initial roots as a provider of credit card readers to small businesses, iZettle has grown to have a presence across Europe, as well as in Brazil and Mexico.
Paypal's acquisition of iZettle has also come at a time when the latter has already filed for an IPO in the Stockholm stock market for raising almost $227 million.
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PayPal and iZettle were not immediately available for comment. Based in Stockholm, Sweden, iZettle revolutionized mobile payments in 2010 with the world's first mini chip card reader and software for mobile devices. The company's CEO, Jacob de Geer, will continue to lead the business under PayPal.
By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its worldwide expansion, including to the USA, the companies said. Paypal expects this huge bet to pay off by giving it a formidable presence in the point-of-sales market and a better standing against strong competitors such as Square Inc and Stripe Inc.
An announcement of the $2bn deal is expected as early as tomorrow, after Sky News reported that the two companies were in talks.
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The deal will also help PayPal provide a more comprehensive suite of services to its merchants.
The transaction is expected to be approximately $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP EPS.
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.
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