iZettle to receive €30m in debt funding from EIB

Nicole Tovstiga
19 September 2017

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Stockholm-based financial technology company iZettle, backed by Victory Capital in its last series-D extension, will receive debt funding from the European Investment Bank (EIB) across the next three years.

Following the deal, iZettle intends to support its research and development programme, focusing on its payments infrastructure.

The funds have been granted via EIB's European Growth Finance Facility.

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, and a €40m series-C in May 2014 (with a follow-on €5m investment in July 2014).

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 company's latest series-D extension raised €60m in January 2017, and was led by Victory Capital.

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 a net loss of SEK 171m from revenues of SEK 78m in 2013.

People
iZettle – Jacob de Geer (CEO).