Swedish iZettle Nabs EUR40 M In Series C Funding

Eurozone
What's Next In Payments®
5:58 AM EDT May 9th, 2014

Swedish mPOS firm iZettle has just closed out a lucrative €40M series C funding round led by London-based Zouk Capital. Zouk was joined by Dawn Capital, Intel Capital, and previous investors Creandum, Northzone, Index Ventures, Greylock Partners, and SEB Private Equity.

iZettle offers a software/hardware package that allows any user to plug a dongle into their mobile phone and instantly transform it into a POS. Born in Sweden, iZettle’s European expansion includes the UK, Spain, Germany, Sweden, Denmark, Norway and Finland. The company plans to go into new markets, particularly in Latin America, in the near future.

“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,” Zouk Capital’s Nathan Medlock told Finextra. Medlock will be joining iZettle’s board as part of the latest round.

iZettle, despite its plans for international expansion, has no plans to enter the U.S. market, which already has such established players and Square and PayPal.

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