Mobile Payments Firm iZettle Closes its $67 Million Series D Funding

Bengaluru: iZettle, a Sweden-based mobile payments solutions provider, announces that it has raised $67 million in its Series D fundraising led by Intel Capital and Zouk Capital. The round also saw participation from 83North, Creandum, Dawn Capital, Index Ventures, Northzone and Santander Innoventures who all made significant contributions to this financing. The company plans to shell-out the fresh funds to support the launch of its new product – ‘iZettle Advance’ and to strengthen its business expansion strategies. Till date, the company has raised close to 175 million in funds; the previous one being from Zouk Capital who  led $55.5 million in Series C round last year.

Speaking about their new fundraising, Jacob de Geer, Co-Founder & CEO, iZettle, says, “Small companies have persistently been underserved by the traditional finance industry. We want small companies to thrive, and with iZettle Advance we’re applying the exact same logic as when we started iZettle five years ago, and completely overhauled card payments acceptance for small businesses”.

Speaking in his shadow, Carl-Richard Häggman, Chief Risk Officer, iZettle, says, “We have aimed to build a financing service that’s completely tailored to the needs of small businesses. The service allows for small businesses to make the necessary investments in their operations, on their own terms and with minimal administration”.

Headquartered in Stockholm, Sweden; iZettle is the contrivance of Jacob de Geer and Magnus Nilsson who founded the company in 2010. It is the leading mobile payment solutions provider in Europe and Latin America. It enables the businesses to receive card payments via the company’s credit card readers which transform smartphones and tablets into cash registers. Recently the company launched iZettle Card Reader Lite – the first ever free-of-charge Chip & Pin card reader in the world and another card reader to support Apple Pay and contactless payments. As of now, the company has its presence in 11 European and Latin-American countries and is planning to expand to new geographical areas in the days to come.

 

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