iZettle has announced closing a €40 million Series C funding led by London-based growth investor Zouk Capital with participation from Dawn Capital and Intel Capital, and Series A and B investors Creandum, Greylock Partners, Index Ventures, Northzone and SEB Private Equity. Investors in previous rounds include American Express, MasterCard and Banco Santander.
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 professionalising their operations.”
“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 action.”
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.
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 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 Finland.