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76 iZettle is a Swedish financial technology company founded by Jacob de Geer and Magnus Nilsson in April 2010 . It launched its first app in 2011 , making it the first company to develop chip-card readers and apps for smartphonebased mobile commerce which meet international security requirements . The fintech derives its name from a stylised portmanteau of “ I settle ” in reference to settling debt . The company was acquired by PayPal in September 2018 for US $ 2.2bn . Bill Ready , Chief Operating Officer , PayPal . “ iZettle brings a suite of products and services that allows merchants to meet their customers where they are - online , in store or via mobile . This is another step in our journey toward democratising commerce tools to help businesses of all sizes thrive .” APRIL 2020