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Saturday, May 10, 2014

Mobile payment provider iZettle raises £33 million in a new funding round

Mobile payment service provider iZettle has announced €40 million (£33 million) of new funding. This Series C (i.e. third) funding round was led by London-based investor Zouk Capital, with Dawn Capital, Intel Capital and a number of existing investors also participating.

iZettle says it’ll use the money to continue growing in its existing markets and to identify potential new territories for expansion.

Nathan Medlock, a principal in Zouk’s Growth Capital Team, will join the iZettle board.

Mr Medlock said “Using a card for payment is second nature to all of us, so it remains extraordinary that millions of small companies and traders are still locked out of this system by their size. iZettle gives this huge market the ability to accept card payments, helping smaller enterprises save time, paper and energy while professionalising their operations. Building on its early successes in Europe, we’re excited about iZettle’s growth plans, and believe this round will give them the fire power required to execute on the next phase of expansion.”

iZettle, which started in 2011 and came to the UK in 2012, enables business owners with an Apple or Android device to take payments via a Bluetooth ‘chip and PIN’ card reader.

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