On 9th May 2014, Europe’s largest mobile payment service – iZettle – announced that it had closed $55.5 Mn (€40 Mn) through Series C funding. The funding was led by Zouk Capital (London based growth investors) with participation from Intel Capital, Dawn Capital, Creandum, Index Ventures, Greylock Partners, SEB Private Equity and Northzone.
Investors in previous rounds included, American Express, MasterCard and Banco Santander. Nathan Medlock. A key member of Zouk’s Growth Capital Team is set to join the iZettle board, according to their press release. iZettle will utilizee the funding to continue growing in existing markets as well as identifying new potential territories for expansion.
Established in 2010 by serial entrepreneurs Jacob de Geer and Magnus Nilsson, iZettle has operations in the European nations of Sweden, Norway, Denmark, Finland, UK, Spain, as well as Latin American markets like Brazil and Mexico.
- It targets small and medium sized businesses and tradesmen like plumbers and electricians, who do not have the turn-over to support the infrastructure required for a traditional card based system.
- It provides them the flexibility to receive card payments through the iZettle card reader and free app for iOS and Android.
- iZettle accepts all the major credit cards in Europe, which are EMV (Europay, MasterCard and Visa).
- It supports both chip based credit cards and magnetic swipe credit cards.
"Using a card for payment is second nature to all of us, so it remains extraordinary that millions of small companies and traders are still locked out of this system by their size. iZettle gives this huge market the ability to accept card payments, helping smaller enterprises save time, paper and energy while professionalising their operations,” said Nathan Medlock, in a press release. “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. At the core of Zouk’s investment thesis is the emergence of what we call resource intelligence: recognising that not only should we be doing more with less, but that resources, process and systems are more connected than ever. iZettle is a great example of this concept in action,” he added.
“Small businesses are the lifeblood of the global economy,” said Jacob de Geer, iZettle co-founder and CEO, in the same release. “Our mission from the start has been to democratize and simplify payments around the world to help small businesses grow their business.”