iZettle raises €40 million in funding

iZettle logo
iZettle AB is a Swedish mobile payment company that has raised €40 million ($56 million) in funding from several investors with a valuation of €200 million. Founded in 2011, iZettle received this round of funding from Zouk Capital, Creandum, Northzone, Index Ventures, Dawn Capital, and Intel Capital.

 

iZettle builds credit card readers for smartphones and tablets that are similar to the ones made popular by Square. This makes payments seamless for small businesses and private individuals. iZettle’s software also provides a sales overview in a central dashboard. iZettle generates revenue through transaction fees.

iZettle doubled its headcount to 150 employees in the last year. iZettle is currently available in the U.K., Spain, Germany, Mexico, and Brazil. iZettle’s revenue for 2012 was 109 million Swedish krona ($17 million) in net losses on revenue of 11 million kronor. iZettle’s credit card device can read credit card data chips rather than magnetic strips used on U.S. cards.

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