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PayPal buys iZettle for $2.2 billion as it gears up against Square

PayPal Holdings Inc. is buying iZettle, a European financial-technology company that’s expected to help the online-payments giant deepen its footprint in Europe and gain more of a presence in offline commerce.

IZettle got its start enabling small businesses in Europe to accept credit-card payments through their smartphones. The company now also offers point-of-sale systems, invoicing products and business loans.

“IZettle and PayPal are a strategic fit,” PayPal Chief Executive Dan Schulman said in a statement, as the two companies have “complementary product offerings and geographies.” Schulman added that he believes the acquisition will help PayPal become “a global one-stop solution for omni-channel commerce.

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