Fintech giant PayPal confirmed on Thursday it's reached a deal to buy payments start-up iZettle for $2.2 billion — the biggest acquisition in its history.
U.S.-based PayPal already operates in more than 200 countries around the world but is working to expand its offerings.
IZettle provides mobile card readers and other digital payment products to small businesses. A merger would catapult PayPal into hundreds of thousands of brick-and-mortar storefronts globally in an effort to bring its digital payments tool into physical retailers and compete with companies, like Square.
PayPal hopes the transaction will close in the third quarter, the company announced. IZettle expects to generate $165 million in revenue in 2018, and process about $6 billion on its platform.