Swedish mobile POS iZettle picks up another €60m

Swedish mobile point-of-sale (POS) payments firm iZettle has raised another €60m in a round made up of debt and equity from existing backers.

The company says the capital is an extension of the €60m Series D round it closed in August.

The new investment comes in the form of €45m in debt from Victory Park Capital and €15m in venture capital from existing backers including Nordic powerhouses Creandum and Northzone as well as Index Ventures and MasterCard.

It brings iZettle’s total funding to around $235m in total with its valuation remaining at $500m.

The Stockholm-based company provides mobile-connected devices and financial management software to SMEs allowing them to accept card payments.

The firm currently operates across 10 European markets as well as Brazil and Mexico.

iZettle competes with publicly-traded Square, which has yet to make serious, moves outside the US but is thought to be preparing to enter the UK market.

It says the new funding will be used to make acquisitions and continue to develop its services outside of mobile payments.

Victory Park Capital partner Gordon Watson, “We have been following the impressive growth of iZettle since its inception.

“iZettle is an innovator and a clear market leader in Europe and we want to be part of its next chapter of growth. 2017 promises to be a vibrant and buoyant time for both iZettle and its market.”

The funding coincided with the appointment of Maria Hedengren as CFO at the company.

Copyright © 2017 FINTECH GLOBAL

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