Zouk Capital leads €40m round for iZettle

New backers Dawn Capital and Intel Capital also participated in the funding round, alongside existing shareholders Creandum, Greylock Partners, Index Ventures, Northzone and SEB Private Equity.

iZettle will use the fresh funding to expand in existing markets and identify target territories for further expansion, with a particular focus on Latin America and Asia. 

Previous funding
In July 2012, Greylock and Northzone led a €25m series-B round for iZettle. SEB, Mastercard, Index and Creandum also participated in the round, which was designed to support the firm's expansion across European markets that use chip cards as a standard payment solution.

In October 2011, Index and Creandum led an €8.2m series-A round for the company to boost its presence in the UK.

Company
Founded in 2010 and based in Stockholm, iZettle develops hardware and software to facilitate card payments on mobile devices. The company targets SMEs that have traditionally been locked out of card payment products due to their size. iZettle offers point of sale solutions and sales overview applications to identify sales opportunities and assess customer loyalty.

Merchants pay iZettle a percentage of each transaction; the company then deposits payments in the vendor's bank account. Its app and chip and pin/signature readers are available in Mexico, Brazil, the UK, Spain, Germany, Sweden, Denmark, Norway and Finland.

iZettle is regulated by Sweden's Financial Supervisory Authority.

People
Nathan Medlock, principal in Zouk's growth team, will join the iZettle board. Greylock partner Laurel Bowden sits on the iZettle board alongside Index's Ben Holmes and Creandum's Johan Brenner. Marcos Battisti is managing director for western Europe and vice president at Intel Capital. iZettle was founded by Jacob de Geer and Magnus Nilsson.

To read our analysis of growing dealflow in the fintech sector, click here.

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• Topics
• Nordics
• Technology
• Expansion
• Sweden
• Intel Capital
• Index Ventures
• Greylock Partners
• Dawn Capital
• Creandum
• Northzone