PayPal has officially completed its acquisition of iZettle for approximately $2.2 billion, according to a press release. 

"We're thrilled to welcome the iZettle team to the PayPal family and are excited to expand the ways we serve our small business customers," Bill Ready, chief operating officer of PayPal, said in the release. "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 democratizing commerce tools to help businesses of all sizes thrive."

With the close of the deal, Jacob de Geer, co-founder and CEO of iZettle, now joins PayPal and will continue to lead iZettle, reporting to Ready. Magnus Nilsson, co-founder and executive chairman of iZettle, also joins PayPal.

"Today is a very big day — for me and for everyone at iZettle," de Geer said. "We share PayPal's strong belief in the power of small businesses. Together, we will be stronger and move even faster to help small businesses succeed in a world of giants."

Prior to the closing of the acquisition, the UK Competition and Markets Authority initiated a review of the transaction. PayPal is working cooperatively with the authority as it conducts its review. PayPal and iZettle brands and operations will be held separate as agreed with the authority, pending completion of the authority's review.