iZettle, a Stockholm, Sweden-based provider of mobile payment services and apps, closed a €40m Series C funding.
The round was 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. In conjunction with the funding, Nathan Medlock, a principal in Zouk’s Growth Capital Team will join the iZettle board.
The company intends to use the funds to continue growing in existing markets as well as identifying new potential territories for expansion.
Led by Jacob de Geer, co-founder and CEO, iZettle offers a card reader and apps for merchants to take card payments via smartphones and tablets.
It is quick to set up, and works with all major payment cards. There’s no subscription, set up fee, monthly fee or minimum. Merchants pay a small percentage of each transaction. iZettle then electronically deposits payments in the seller’s bank account.
The iZettle app, Chip & PIN and Chip & Signature readers, and free business management software are now available in Mexico, Brazil, the U.K., Spain, Germany, Sweden, Denmark, Norway and Finland.
The company is regulated by Sweden’s Financial Supervisory Authority. Its services are EMV (Europay, MasterCard and Visa) approved and compliant with the Payment Card Industry Data Security Standard (PCI DSS).