|[May 09, 2014]
iZettle Raises �40 Million ($55.5 Million) Series C
STOCKHOLM --(Business Wire)--
iZettle, Europe's No.1 provider of mobile payment services and apps, has
closed a �40 million Series C funding. London-based growth investor Zouk
Capital led the round, with participation from Dawn Capital and Intel (News - Alert)
Capital, and Series A and B investors Creandum, Greylock Partners, Index
Ventures, Northzone and SEB Private Equity.
iZettle Raises �40 Million ($55.5 Million) Series C (Photo: Business Wire)
Investors in previous rounds included, American Express, MasterCard (News - Alert) and
Banco Santander. Nathan Medlock, a principal in Zouk's Growth Capital
Team will join the iZettle board.
iZettle will use the funding to continue growing in existing markets as
well as identifying new potential territories for expansion.
"Using a card for payment is second nature to all of us, so it remains
extraordinary that millions of small companies and traders are still
locked out of this system by their size," said Medlock. "iZettle gives
this huge market the ability to accept card payments, helping smaller
enterprises save time, paper and energy while professonalising their
iZettle started in 2011, offering an easy way to take card payments
using mini credit card 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.
"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," Medlock
added, "At the core of Zouk's investment thesis is the emergence of what
we call resource intelligence: recognising that not only should we be
doing more with less, but that resources, process and systems are more
connected than ever. iZettle is a great example of this concept in
Said Jacob de Geer, iZettle co-founder and CEO: "Small businesses are
the lifeblood of the global economy. Our mission from the start has been
to democratize and simplify payments around the world to help small
businesses grow their business."
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 (News - Alert) DSS).
In addition to Mexico and Brazil, the iZettle app, Chip & PIN and Chip &
Signature readers, and free business management software are now
available in the U.K., Spain, Germany, Sweden, Denmark, Norway and
In a recent Tech5
competition by technology focused media company The Next Web,
iZettle was ranked one of the three fastest growing companies in Europe.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140509005746/en/
[ InfoTech Spotlight's Homepage ]