IZettle raises a further EUR40 million

IZettle raises a further EUR40 million

Swedish mPOS pioneer iZettle has raised €40 million in funding to accelerate growth and pave the way for a potential IPO.

Launched in 2011, iZettle quickly established itself as the Square of Europe, helping small businesses accept card payments through their mobile phones.

The firm has since moved deeper into the merchant value chain, offering tools to take payments, register and track sales and to get funding.

It now operates in 12 markets in Europe and Latin America, with 1000 small businesses signing up every day.

The latest funding round was led by early backer venture capital firm Dawn and The Fourth Swedish National Pension Fund and is supported by existing investors. It follows a $60 million raise in January and €30 million in debt funding from the European Investment Bank in September.

Jacob de Geer, co-founder and CEO of iZettle, says: “iZettle is currently in an extensive expansion phase. Through today’s announcement we’re able to allocate additional resources in order to accelerate our ambitious growth plan and product innovation."

Earlier this year, de Geer said the loss-making company was preparing for an IPO as revenues boomed and losses were slashed by 23%.

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