Banco Santander Invests Around $6.6 Million In iZettle

Banco Santander is one of the largest banks in the Europe and the world based on their market capitalization.  According to TheNextWeb, Banco Santander has invested around $6.6 million in Swedish mobile and social payments company iZettle.  iZettle also partnered with Santander UK, a Spain based retail bank.

iZettle is a mobile payments company that is similar to Square, catered for the European market.  iZettle also competes against SumUp, payleven, and PayPal.  iZettle has an iOS and Android app that can accept credit card payments for free in the U.K., Sweden, Germany, Denmark, Finland, Norway, and Spain.  iZettle’s credit card readers are called Chip & PIN.  The cost of the Chip & PIN is based on the region.

“Millions of small business owners and professionals in the markets where we operate need an alternative to conventional credit card terminals, and simple software to manage and analyze their transactions,” stated Banco Santander executive Ramón Tellaeche.  “We are strongly committed to innovation that satisfies emerging needs of our customers, we believe iZettle’s innovative mobile technologies will be crucial to those merchants’ near and long term success.”

Based in Stockholm, iZettle has raised millions of dollars from Greylock Partners, Index Ventures, Creandum, Northzone, American Express, MasterCard, and SEB Private Equity since they started in 2010.

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