Victory Park leads iZettle's €60m series-D extension

In August 2015, Zouk Capital and Intel Capital led the initial €60m series-D for the payment technology company, alongside existing investors. Participants in the round included Dawn Capital, Hasso Plattner Ventures, Greylock Partners, Index Ventures, Northzone, Creandum and Nordic financial services group SEB.

The extension included debt funding from US-based Victory Park Capital via its credit fund, VPC Speciality Lending. The debt component accounted for €45m of the total €60m. iZettle is understood to be valued at around $500m.

The company stated it would use the funds to further grow its offering. In addition to the funding, iZettle appointed former NetEnt CFO Maria Hedengren as CFO.

Previous funding
After iZettle's series-A round in October 2011, in which it raised €8.2m from Index Ventures and Creandum, the company collected €25m in a series-B funding round in June 2012, a €40m series-C in May 2014 (with a follow-on €5m investment in July 2014) and a €60m series-D in August 2015.

Company
Founded in 2010 and headquartered in Stockholm, iZettle provides card payment machines linked to mobile devices, as well as payments infrastructure and technology for SMEs. The company operates across Europe, as well as in some South American countries. According to publicly available information, iZettle posted a net loss of SEK 295m in 2015 from revenues of SEK 300m – against SEK 171m and SEK 78m respectively in 2013.

People
Victory Park Capital – Gordon Watson (partner).

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