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A unit of eBay, PayPal stated that it's the biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses and the company's stock jumped almost 2% when reports of the deal raised.

The agreement will allow PayPal to expand its presence in payments in physical stores worldwide and will mark the largest acquisition ever made by the USA company.

PayPal, which remains limited in its point-of-sale offerings, has agreed to a $2.2bn all-cash deal for the Swedish start-up which offers cheap, simple card readers to small businesses in the vein of Stripe and Jack Dorsey's Square.

iZettle CEO Jacob de Greer said: "Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants".

Founded in 2010 in Stockholm by Jacob de Geer and Magnus Nilsson, iZettle provides a payment platform for small businesses. In its documentation filed ahead of its proposed stock market listing, iZettle made an underlying loss (Lbitda) of 73mln krona, or roughly £6.18mln or US$8.36mln, in the first three months of 2018.

"This is the largest acquisition in our company's history and significantly expands our in-store presence around the world, strengthening our platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment".

PayPal could well be set to move further into high-street shopping after acquiring iZettle for $2.2bn. The San Francisco-based company continues to operate today as a standalone service within PayPal. The transaction is expected to close in the third quarter of 2018. The technical department of iZettle will also help PayPal in the expansion, since the startup has been making use of different gadgets and POS technologies for accepting payments.

PayPal snapped up Canada-based bill payments services company Tio Networks last summer for $238 million.