On Friday, the Swedish fintech company iZettle was acquired by PayPal. Today, iZettle is picking a fight with the winner-take-all companies who are using the benefit of scale and information to dominate the retail business. This development leads to reduced freedom of choice amongst the people, lower salaries for the work force and small businesses all over the world disappearing from the high streets, argues the payment technology company.
In a new Black Mirror-inspired film iZettle urges people and politicians to join the resistance – by shopping local. Directed by Iconoclast directing duo Alaska, it depicts a dystopian not-so-distant future in which the monolithic 'Giant Corp' dominates, dropping some less-than-subtle hints about one megacorp in particular that rhymes with Flamazon. The protagonist is a heroic small business owner, struggling to offer choice in a market where all real competition has been stamped out or bought up.
Jacob de Geer, iZettle founder and CEO, on small business and merging with PayPal, said:
“During our discussions with PayPal’s President and CEO Dan Schulman and his team, it has become obvious that we share the same belief in the power of small businesses. They create diversity, choice and opportunity in society, but they’re still underserved by the incumbents. Small businesses deserve something better”.