IZettle raises EUR40m
09 May 2014 | 5787 views | 4
Swedish mPOS outfit iZettle has raised EUR40 million in a series c funding round led by London-based growth investor Zouk Capital.
Dawn Capital, Intel Capital, and previous investors Creandum, Greylock Partners, Index Ventures, Northzone and SEB Private Equity all participated in the round, which is thought to value iZettle at around EUR200 million.
IZettle launched its dongle and app system for turning mobile phones into payment card acceptance devices in Sweden in 2011. It has since expanded throughout Europe into the UK, Spain, Germany, Sweden, Denmark, Norway and Finland.
The latest funding will be used to grow the business, especially in new markets such as Latin America, where the firm has recently set up shop in Brazil and Mexico.
Zouk Capital's Nathan Medlock, who is joining the iZettle board, says: "Building on its early successes in Europe, we're excited about iZettle's growth plans, and believe this round will give them the fire power required to execute on the next phase of expansion."
One market iZettle has no current plans to enter is the US, where Square, PayPal and other local players dominate. Square recently felt compelled to squash rumours that it has held talks with Google about a possible sale amid growing losses and a shrinking cash pile.