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After the acquisition, Jacob de Geer will continue to lead iZettle, and will report to PayPal COO Bill Ready.

The decision from iZettle comes just over a month after Spotify became arguably Europe's largest startup to refuse to sell up to a US or Asian investor, listing on the New York Stock Exchange for about $27 billion.

Jacob de Geer, the iZettle cofounder had penned a note which states the descision, penned ticking off the usual boxes about how the companies have similar cultures and visions and how the deal will allow iZettle to go further faster.

The company provides a card-reading dongle that can be used with smartphones and tablets, an appealing card payment option for small businesses that might otherwise avoid them due to higher costs.

"Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile", Schulman said. It has since expanded into software and financing services to support small businesses.

The deal announced Thursday marks the largest acquisition in PayPal's 20-year history and intensifies its competition with Square, a payment processor started by Twitter co-founder and CEO Jack Dorsey.

Nigerian Muslims, others start Ramadan Thursday
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Stockholm-based iZettle is present in 11 countries.

While PayPal predominates as an alternative payment mechanism for websites and other online merchants, it lacks the kind of hardware and infrastructure to enable small business owners to take card payments via mobile technology.

iZettle will serve as an European center of excellence for PayPal's in-store product and services offerings, after completion of the deal.

In parallel with preparing for the IPO, iZettle has been involved in talks with PayPal, who reached out and showed serious interest in the company late in the process.

The $2.2bn also represents a massive financial windfall for the Swedish company, which, as of past year, was still operating at a loss of approximately $27m.

The company is still operating at a loss, according to IPO documentation. The transaction is expected to close in the third quarter of 2018.