Lending

iZettle Facilitates SME Financing Across Europe

MEDICI

2015 was a busy year for iZettle. In February, iZettle was the first mobile payments company in the world to release a free Chip & PIN card reader, changing the game for many small businesses around the world.

The iZettle Lite was followed by two UK launches: In June 2015, iZettle released its Contactless Pro Chip & PIN Card Reader, which supports Apple Pay and contactless payments. And in August 2015, iZettle made its first foray beyond mobile payments launching iZettle Advance, a new way for small businesses to obtain cash advances against future sales.

{Press Release} On February 16th, iZettle rolled out contactless card reader and small business financing across Europe.

  • iZettle rolls out Card Reader Pro Contactless, in Denmark, The Netherlands, Spain, Italy, Finland, Norway and France.

  • The Card Reader Pro Contactless is compatible with Apple Pay, allowing merchants to immediately accept payments using credit and debit cards saved on iPhones or Apple Watch.

  • Release followed by introduction of iZettle Advance – a new way for small businesses to obtain access to extra capital by getting an advance on future card sales.

Tuesday, 16th February, 2016 -- iZettle is today rolling out its Card Reader Pro Contactless across Denmark, The Netherlands, Spain, Finland, Norway and France. Already available to buy in the UK and Germany, iZettle's Pro Contactless reader supports both Chip & PIN and contactless payments, including out-of-the-box support for Apple Pay and Android Pay.

Contactless payments have been a hot topic in the payments industry for years, but it’s not until recently that consumers have started to fully embrace the technology with Visa Europe reporting a 250% rise in contactless payments last year.

“Contactless payments offer unparalleled ease-of-use for consumers, and vastly increased transaction speed for merchants. We all imagine a world where wallets are left at home, where a simple swipe of a phone or a watch is all it takes. We’re now getting there.” says Jacob de Geer, iZettle’s CEO and co-founder.

Following the introduction of the Card Reader Pro Contactless, iZettle will also launch iZettle Advance, a new way for small businesses to obtain access to extra capital by receiving an advance on future card sales. iZettle users eligible for iZettle Advance will be pre-assessed for financing, so there’s no need for any daunting paperwork. Upon approval, users will see funds deposited within days, and payback occurs automatically as a fraction of card sales.

For iZettle, the introduction of iZettle Advance marks a first foray into a business beyond card payments, and is a milestone in the company’s ambition to broaden its product portfolio.

“Small companies have persistently been underserved by the traditional finance industry. We want small companies to thrive, and with iZettle Advance we’re applying the exact same logic as when we started iZettle five years ago, and completely overhauled card payments acceptance for small businesses,“ says Jacob de Geer.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

Apply to Become a Contributor