PayPal is finalizing a deal to buy Swedish small-business platform iZettle for $2.2 billion, Bloomberg News reported on Thursday.
The acquisition allows PayPal, a California-based financial services group, to expand into the brick-and-mortar sector in Europe and Latin America. It would be the largest ever deal for PayPal, Bloomberg reported.
The firm iZettle was founded in Sweden, providing credit card readers to small businesses. It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.
The company indicated earlier this month it would hold an initial public offering, but told Bloomberg that the PayPal merger aligns with the company's goals.
PayPal recently reached a settlement with the Federal Trade Commission over charges that its subsidiary, Venmo, had deceived customers about access to funds.