iZettle Nets $55.5 Million for Expansion
May 12, 2014
iZettle, the Swedish mPOS technology provider often referred to as “the Square of Europe,” revealed on Friday it has closed on a $55.5 million round of new financing. Founded in 2011, the company was one of the first in Europe to offer mobile card acceptance using a smartphone and last year iZettle was among the first to offer an EMV-compatible solution. In three years it has grown to 150 employees.
The company said it will use the capital, provided by Zouk Capital with participation from Dawn Capital and Intel Capital “to continue growing in existing markets as well as identifying new potential territories for expansion.” Reports indicate Latin America and Europe will be the focus of iZettle’s expansion plans.
“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,” said Nathan Medlock, a principal in Zouk’s Growth Capital Team who will join the iZettle board.