Payments firm Square slipped roughly 2.5 percent Friday, the day after news of a PayPal-iZettle tie-up.

Shares opened at $53.54 after closing Thursday near $55.

The $2.2 billion merger will launch U.S. fintech giant PayPal into hundreds of thousands of brick-and-mortar retailers around the world through iZettle’s mobile card readers. That stands as a direct threat to Square, which markets its high-tech registers to small businesses.

Shares of Square fell roughly one percent following the first reports of a deal. The stock ended trading on Thursday more than 3 percent down.

Square is now roughly 9 percent off the stock’s all-time high of $58.46, which it hit in March.

Source: Tech CNBC
Square slips the day after PayPal-iZettle merger announcement