Greylock and Northzone lead €25m series-B for iZettle

Other participants included SEB Private Equity, MasterCard and existing investors Index Ventures and Creandum. The investment is intended to expand the company into additional European markets and further international markets where chip cards are employed as a standard payment solution.

Index partner Ben Holmes suggested that the product may be of particular interest to small businesses that currently only rely on cash or invoice payments.

Previous funding
Index and Creandum led a €8.2m series-A round for iZettle in October 2011. The investment allowed the company to expand into the UK.

Company
iZettle, founded in 2010, develops hardware and software to facilitate card payments on mobile devices. Its solution consists of a chip card reader, which is combined with a free of charge software application to turn an iPhone or iPad into a payment terminal. iZettle currently charges 2.75% per transaction for MasterCard, VISA and Diners Club cards, and 3.75% for American Express cards.

The company is headquartered in Stockholm, with an additional office in London.

People
Partner Laurel Bowden worked on the deal for Greylock and will join the iZettle board. Ben Holmes represented Index.

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