iZettle, a Stockholm, Sweden-based financial technology company, will receive €30m in debt funding from the European Investment Bank in the coming three years.
The funds – coming under the European Growth Finance Facility, which benefits from the European Fund for Strategic Investments (EFSI) – are earmarked for research and development of financial and commercial tools that address the needs of smaller companies.
The EIB financing will support iZettle’s research and development program in four key business areas:
– development of next generation’s payments infrastructure,
– insights and actions through machine learning and artificial intelligence;
– digitalization of commerce processes; and
– scaling legislative and compliance systems.
Founded in 2011 by Jacob de Geer, CEO, iZettle provides mobile payments services including its mini chip card reader and software for mobile devices, which allow small companies to take payments, to register sales and to get funding.
The company is backed by Intel Capital, Zouk Capital, Santander InnoVentures, 83North, Northzone and Index Ventures.