02 September 2014

IZettle adds EUR5m to series c funding round

09 July 2014  |  1488 views  |  0 Source: iZettle

IZettle today announces that another €5 million have been added to the company's Series C round of funding. Hasso Plattner Ventures joins in investing in the Series C round of funding, which was led in May by London based growth investor Zouk Capital with participation from Dawn Capital and Intel Capital, and Series A and B investors Greylock Partners, Index Ventures, Northzone, Creandum and the Nordic financial services group SEB.

The additional funds bring iZettle's Series C to €45 million ($61 million), and total investment capital raised since the company was started in 2011 to just over €85 million ($118 million). Investors in previous rounds have also included American Express, MasterCard and Banco Santander.

"There is no question that iZettle is already an international leader in mobile payments, and has the vision and viable business model to change an essential piece of the financial services industry," said Hasso Plattner Ventures Partner, Shmuel Chafets.

iZettle will use the additional funds to continue growing existing markets and to introduce its services in more countries.

Four-year-old iZettle was the first to offer an easy way to take chip card payments using mini readers that transform smartphones and tablets into cash registers. Today, small businesses come to iZettle for tools to grow their business: from complete point of sale solutions, to free sales overview apps like reports and graphs to spot sales opportunities and identify loyal customers.

"Hasso Plattner Ventures' contribution to our Series C is another vote of confidence," said Jacob de Geer, iZettle co-founder and CEO. "The additional capital further ensures that we can financially execute on our business plan and the experience and know-how they bring is guaranteed to be invaluable."

iZettle takes just minutes to set up, and works with all major payment cards. With iZettle there's no subscription, set up fee, monthly fee or minimum. Instead, iZettle merchants pay a small percentage of each transaction. iZettle then electronically deposits payments in the seller's bank account.

Sweden's Financial Supervisory Authority regulates iZettle, whose services are EMV (Europay, MasterCard and Visa) approved and compliant with the Payment Card Industry Data Security Standard (PCI DSS).

In addition to the U.K., Spain, Germany, Sweden, Denmark, Norway and Finland, the iZettle app, Chip & PIN and Chip & Signature readers, and free business management software are now available in Mexico and Brazil. 

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