PayPal announces the acquisition of iZettle in $2.2bn deal.

iZettle, a Stockholm, Sweden-based mobile payments company, is close to secure an agreement for selling the company in a deal estimated to be around $2.2bn.

The announcement comes shortly after CEO Jacob de Geer announced the company's intention to float the company's shares publicly on the stock exchange.

iZettle, founded in 2011 and led by CEO Jacob de Geer, started as a a mobile payments business that now provides tools for firms to take payments and register and analyze sales. The company has become a big player in mobile payments infrastructure and is one of Europe's fastest growing companies, available in twelve markets in Europe and Latin America.

iZettle is one of finest Swedish tech companies for the past years and has been backed in early stages by Swedish VCs Creandum, Northzone, SEB Venture as well as by UK-based Index Ventures and Dawn Capital.