An announcement of the $2bn deal is expected as early as tomorrow, after Sky News reported that the two companies were in talks.
IZettle last week said it planned to list on the Nasdaq Stockholm stock exchange this year, which would make it one of the biggest European fintech companies to list.
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The Stockholm-based startup founded in 2010 expected to handle about $6 billion in transactions this year, taking in gross revenue of approximately $165 million (roughly Rs. 1,100 crores) in the process.
The company has a presence in 11 countries and offers other services for small businesses such as lending.
Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies. The company's CEO, Jacob de Geer, will continue to lead the business under PayPal. 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.
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The deal will also help PayPal provide a more comprehensive suite of services to its merchants.
PayPal said it hopes to be able to reap the advantages of the merger nearly immediately in certain areas, and that the financial benefits will kick in shortly after the deal closes, expected in the third quarter. The completion of this transaction is subject to customary closing conditions, including regulatory approvals. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.
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