European mobile payments processor iZettle has raised €60 million ($63.3 million) in equity funding from existing investors, which include Intel Capital and Zouk Capital, and debt funding from Victory Park Capital.
Founded out of Sweden in 2010, iZettle is a similar proposition to Jack Dorsey’s Square, as it targets small to medium-sized businesses with easy-to-use hardware and software, including a physical bank card reader and an app that allows merchants to accept card payments from customers through mobile devices.
While Square has hitherto been focused largely on the U.S. market — though it is also available in Canada, Japan, and Australia — iZettle has been chiefly focused on Europe, including its native Sweden, Germany, Spain, and the U.K., but it has also launched in Mexico and Brazil.
The Stockholm-based startup had previously raised around €140 million ($148 million), including another €60 million round in late 2015, and with this latest cash bounty it plans to expand its product offering and “prepare the company for next stages of growth,” according to a statement.
“We have been following the impressive growth of iZettle since its inception,” said Gordon Watson, partner at Victory Park Capital. “iZettle is an innovator and a clear market leader in Europe, and we want to be part of its next chapter of growth.”
In addition to its fresh cash influx, iZettle has also announced the appointment of a new chief financial officer (CFO), Maria Hedengren, who formerly served as CFO of Swedish gaming company NetEnt AB.
There are still no plans to launch in North America, as a spokesperson told VentureBeat, “We’re firmly focused on the markets where we are already live.”