25 April 2018
https://www.avoka.com

EIB provides EUR30 million in debt funding to iZettle

19 September 2017  |  5987 views  |  0 izettle sdk

Swedish mPOS vendor iZettle is to get EUR30 million in debt funding from the European Investment Bank to help it better understand the technology needs of small companies.

The company - which offers a suite of services that enables companies to take payments, to register sales and to get funding - says the three-year financing from the EIB will be earmarked for research and development into new technology trends, including machine learning and AI, digitisation of commerce processes and scaling legislative and compliance systems.

EIB-vice president Alexander Stubb says: “This loan...stands testimony to EIB’s ongoing effort to improve the access to funding for European mid-cap companies. iZettle is a young and innovative company which helps digitalise our economy and improves the business and cost structure of millions of small shops.”

An early European competitor to Square, iZettle currently operates in 12 markets in Europe and Latin America, with 1000 small businesses signing up every day.

This rapid customer acquisition helped the company increase revenues to SEK643 million (EUR66.8 million) last year, up from SEK402 million (EUR41.7 million). Although the firm remains some way off turning a profit, losses decreased by 23% to SEK228 million (EUR23.7 million).

In January iZettle closed a EUR60 million financing round, taking its total funding to around EUR200 million.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

IZettle eyes IPO

IZettle eyes IPO

06 July 2017  |  11116 views  |  0 comments | 6 tweets | 6 linkedin
Sweden's iZettle raises €60 million in funding

Sweden's iZettle raises €60 million in funding

11 January 2017  |  5215 views  |  0 comments | 9 tweets | 5 linkedin
IZettle acquires Scottish point of sale app intelligentpos

IZettle acquires Scottish point of sale app intelligentpos

07 September 2016  |  4921 views  |  1 comments | 10 tweets | 1 linkedin
IZettle moves into small business financing

IZettle moves into small business financing

16 February 2016  |  8749 views  |  1 comments | 19 tweets | 11 linkedin
Swedish mPOS firm iZettle raises EUR60m for move into small business lending

Swedish mPOS firm iZettle raises EUR60m for move into small business lending

28 August 2015  |  9656 views  |  0 comments | 13 tweets | 8 linkedin
IZettle launches free-of-charge Chip and PIN reader

IZettle launches free-of-charge Chip and PIN reader

17 February 2015  |  9644 views  |  4 comments | 20 tweets | 11 linkedin
IZettle raises EUR40m

IZettle raises EUR40m

09 May 2014  |  6737 views  |  4 comments | 8 tweets | 7 linkedin
Banco Santander invests EUR5 million in iZettle

Banco Santander invests EUR5 million in iZettle

11 June 2013  |  8498 views  |  0 comments | 11 tweets | 4 linkedin
IZettle ships chip and PIN reader

IZettle ships chip and PIN reader

20 February 2013  |  13721 views  |  2 comments | 21 tweets | 10 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://response.ncr.comVisit www.nextgenbanking.co.ukVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
14960 views comments | 21 tweets | 28 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
11504 views comments | 18 tweets | 32 linkedin
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
9868 views comments | 26 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
8967 views comments | 20 tweets | 21 linkedin
Major card schemes zero in on single 'buy' button for online commerceMajor card schemes zero in on single 'buy'...
8865 views comments | 20 tweets | 36 linkedin

Featured job

Find your next job