PayPal, a company worth almost $94 billion, is used by major retailers around the world, including Walmart and Best Buy. IZettle’s focus, on the other hand, is more on small-to-medium-sized firms.
E-commerce giant eBay dealt PayPal a blow earlier this year when it decided it would drop PayPal as its primary payments provider. The online shopping site chose a European start-up of its own, Adyen, to replace PayPal. Adyen is also reportedly seeking to list its shares.
PayPal’s Ready said that the investment in iZettle would give PayPal more of a “technical” presence in Europe.
“Europe contains many of our most important markets, we have huge presence in Europe already from a commercial perspective,” he said. “But one of the things that we think is fantastic is that his is going to create a European center of excellence for us on a technical perspective.”
He added: “We’ll now have an amazing team of engineers and product development and builders here in Stockholm to increase our presence in Europe from a technical perspective and help us build out many more capabilities.”