iZettle, a leading mobile payment company has secured $67 million in Series D round of funding led by Intel Capital and Zouk Capital along with existing investors Dawn Capital, Hasso Plattner Ventures, Greylock Partners, Index Ventures, Northzone, Creandum and the Nordic financial services group SEB.
Founded in 2010, the Swedish company iZettle manufactures card readers for smartphones, provides services for person-to-person and business-to-consumer commerce. Its products simplify the means to take card payments using mini credit card readers that converts smartphone and tablets into cash registers. It has card readers that supports Apple Pay and contactless payments and also has recently launched a new product Card Reader Lite which is world’s first ever free of charge Chip & Pin card reader.
Apart from Card Reader Lite, the Swedish company has introduced iZettle Advance that is being rolled out across Europe. It targets the small businesses that has to go through a difficult phase and arduous process of getting capital from traditional lenders.
Carl-Richard Haggman, chief risk officer at iZettle says, “We have aimed to build a financing service that’s completely tailored to the needs of small businesses. The service allows for small businesses to make the necessary investments in their operations, on their own terms and with minimal administration.”
With new funds, the company plans to explore a new area – loans for small businesses. It also aims to target at the small traders to help them speed up payment processing and offers varied fees depending on the sales made.
Mariano Belinky, representative of Santander InnoVentures says, “Jacob, Magnus and the team at iZettle have built up a real momentum in the payments marketplace, it’s great to see them rolling out new products so quickly. Their move into cashflow advances is an intersting step to help small retailers in particular. The new funding round will let iZettle sustain this pace of product innovation and growth.”