Marvellous coincidence for me to be in Stockholm meeting with a thousand tech startups this week, at the same time one of its best-known – mobile payments company iZettle – is announcing a significant capital injection, less than 24 hours after I visited their offices and had a chat with co-founder and CEO Jacob de Geer (see video above).
iZettle is today announcing that it has closed a 40 million euro Series C round of investment led by London-based Zouk Capital, whose principal Nathan Medlock will be joining the startup’s board.
Update (9 July):
iZettle today announces that another €5 million have been added to the company’s Series C round of funding.
Hasso Plattner Ventures joins in investing in the Series C round of funding, which was led in May by London based growth investor Zouk Capital with participation from Dawn Capital and Intel Capital, and Series A and B investors Greylock Partners, Index Ventures, Northzone and the Nordic financial services group SEB.
The additional funds bring iZettle’s Series C to €45 million ($61 million), and total investment capital raised since the company was started in 2011 to just over €85 million ($118 million). Investors in previous rounds have also included American Express, MasterCard and Banco Santander.
Other investors in the round include Dawn Capital, Intel Capital and prior backers like Index Ventures and Greylock, and Swedish investment firms Creandum, Northzone and SEB.
Investors in previous rounds included American Express, MasterCard and Banco Santander. All in all, iZettle had raised about $40 million in the funding rounds prior to this one.
iZettle says it will use the funding to boost growth in existing markets as well as identifying new potential territories for expansion – something I discussed in yesterday’s conversation with de Geer, which you can watch above.
iZettle started in 2011 and offers a convenient way to take card payments using mini credit card readers that transform smartphones and tablets into cash registers, not unlike Square, PayPal (Here) and, a bit closer to home, European competitors like SumUp and Payleven.
(All images credit to iZettle)