Yesterday (9th July, 2014), mPOS provider – iZettle – announced that they had secured an additional $6.8 Million (€5 Mn) to its Series C Round through Hasso Plattner Ventures. The Series C round was led in May by Zouk Capital (London based growth investors) with participation from Intel Capital, Dawn Capital, Creandum, Index Ventures, Greylock Partners, SEB Private Equity and Northzone.
There is no question that iZettle is already an international leader in mobile payments, and has the vision and viable business model to change an essential piece of the financial services industry, stated Hasso Plattner Ventures Partner, Shmuel Chafets, in a press release.
- This additional funds bring iZettle’s Series C to $61 Million (€45 Mn).
- The total investment capital raised since the company was started in 2011 is now a little more than $118 Million (€85 Mn).
- Previous round investors have also included American Express, MasterCard and Banco Santander.
- iZettle will utilize the additional funds to continue growing existing markets and to introduce its services in more countries.
- iZettle says that it was the first to offer an easy way to take chip card payments using mini readers that transform smartphones and tablets into cash registers.
- Now, small businesses come to iZettle for tools to grow their business: from complete point of sale solutions, to free sales overview apps like reports and graphs to spot sales opportunities and identify loyal customers.
- iZettle takes just minutes to set up, and works with all major payment cards.
- With iZettle there’s no subscription, set up fee, monthly fee or minimum.
- Instead, iZettle merchants pay a small percentage of each transaction.
- iZettle then electronically deposits payments in the seller’s bank account.
Sweden’s Financial Supervisory Authority regulates iZettle, whose services are EMV approved as well as compliant with the Payment Card Industry Data Security Standard.
In addition to the U.K., Spain, Germany, Sweden, Denmark, Norway and Finland, the iZettle app, Chip & PIN and Chip & Signature readers, and free business management software are now available in Mexico and Brazil, says the company’s release.
Hasso Plattner Ventures’ contribution to our Series C is another vote of confidence. The additional capital further ensures that we can financially execute on our business plan and the experience and know-how they bring is guaranteed to be invaluable, commented Co-founder and CEO of iZettle, Jacob de Geer, in the same release.