Swedish business iZettle, which enables individuals and small businesses to take ‘chip and PIN’ card payments on a mobile phone (rather like Square in the USA), says it’s just received €8.2 million (£7.1 million) in funding. The money has come from by Index Ventures with co-investor Creandum and further investment from Charles Dunstone, CEO and co-founder of The Carphone Warehouse.
This funding will be used to expand into markets outside of Sweden and to support the development of the iZettle service. The company was formed in April 2010 and launched its mobile app and mini chip-card reader in August 2011.
Johan Brenner of Creandum ,who is joining iZettle’s board, said “We were impressed that the iZettle team had managed to build a system which achieved the high security levels required for chip card processing yet also remained beautifully simple and intuitive to use. We look forward to helping the team with their global expansion.”
Last year, Monitise plc announced a new joint venture called the ‘Mobile Money Network’ with backing from Best Buy Europe and Mr Dunstone.