PayPal Holdings Inc. has agreed to acquire iZettle, the leading small business commerce platform in Europe and Latin America, for $2.2 billion to expands in-store presence around the world. The deal according to reports is the largest acquisition in PayPal’s history.

The companies said that the deal will strengthen their platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment.

Based in Stockholm, iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson with a mission to help small businesses “succeed in a world of giants” by leveling the playing field against bigger retailers.

Jacob de Geer, CEO & co-founder, iZettle, said: “By joining the PayPal family we’ll become iZettle with superpowers and jump on a fast track to realise our vision. The opportunity to become part of PayPal was too good to pass up. Not only because of what it means for iZettle and for iZettle’s employees but because of what we can offer to our merchants.

“That’s why we’re so excited to join PayPal. We’ll continue to work in much the same way we always have, just as a member of a global family with great expansion opportunities. We’ll continue pursuing our mission of helping small businesses succeed in a world of giants and our teams and culture will remain our key strengths.”

iZettle revolutionised mobile payments with the world’s first mini chip card reader and software for mobile devices. Today, the company’s commerce solutions empower nearly half a million merchants across 12 countries and two continents to get paid, sell smarter and grow their businesses.

Dan Schulman, President, and CEO, PayPal said: “We expect to close the deal in the third quarter of 2018, at which time we will begin our integration efforts.”

“Once the acquisition closes, Jacob de Geer will continue to lead iZettle, reporting to PayPal COO Bill Ready.”

The combination of PayPal and iZettle brings together iZettle’s in-store expertise, digital marketing strength and mobile point-of-sale technology with PayPal’s global scale, online and mobile payments leadership and trusted brand reputation to support merchants and consumers in more ways.

US-based Paypal was formerly part of eBay but is now a standalone digital and mobile payments company. It claimed more than 200 million active customer accounts at the end of last year.