iZettle, a Stockholm, Sweden-based social payments company, has received a strategic investment of more than €5m from Banco Santander (SAN.MC, STD.N, BNC.LN).
The transaction follows a partnership agreement between the two companies, signed earlier in 2013, to enable self employed professionals and micro merchants to accept card payments with smartphones and tablets.
In addition to the investment announcement, iZettle has also partnered with Santander UK, to allow self employed professionals and small businesses to accept card payments with smartphones and tablets. On June 5, the company announced its partnership with Visa Inc. (NYSE:V).
Founded in 2010 by Jacob de Geer, CEO, and Magnus Nilsson, COO, iZettle provides merchants with a solution (a free app, and Chip & PIN and Chip & Signature card readers) to accept credit card payments and manage their business via smartphones and tablets. The company recently updated its free business management software for tracking and analyzing sales with graphs that can be sorted by year, month or week. The software’s new metric boxes display revenue, top selling products, transactions, average payment volume and returning customers.
iZettle’s services are now available in the U.K., Germany, Sweden, Denmark, Norway, Finland, Spain.