PayPal stocks rose over 2 percent after their acquisition of iZettle, a Swedish startup company that focuses on innovative forms of technological pay for small companies. The deal was the largest in PayPal’s history, offering around $2.2 billion dollars to acquire the company.
iZettle, being a European company, was considered a more international version of Square. This American point of sales system allowed for companies (mainly small business) to take payments quicker and more securely than traditional methods. With PayPal looking to extend its markets, this acquisition could lead to a greater presence for the company in both Europe and Latin America.
PayPal also has a few new advents on the horizon. The company mentioned a future release of a “dynamic payment” button in partnership with Google, which will allow for a more convenient form of payment through android phone devices. Additionally, PayPal plans to increase their Venmo platform in order to add transaction fees to monetize the service, as well as potentially releasing a Venmo debit card in the near future.
With a total of about 12% market growth in 2018, PayPal seems to be on the rise. Living in a digital age, consumers are looking for smarter and quicker ways to use their mobile devices to complete transactions, and CEO Daniel Schulman is looking to fully capitalize on this advancement.
