STOCKHOLM Jan 11 Mobile payment solutions
business iZettle has raised 60 million euros ($63 mln) in
funding to help it fuel expansion and innovation, it said on
One of Europe's fastest-growing tech start-ups, iZettle is
among a group of fledgling fintech businesses taking on
It said the latest round of funding consists of equity from
existing investors as well as debt funding from U.S.-based
Victory Park Capital.
"The funds will be used to further grow iZettle's offering
to ensure it continuously innovates and keeps supporting the
needs of small businesses in Europe and Latin America," the firm
said in a statement.
iZettle also said it had appointed Maria Hedengren as CFO.
She previously held the same position at online gaming firm
Established in 2010, iZettle offers small businesses and
individuals a way to take payments using mini credit card
readers that turn smartphones or tablets into cash registers. In
2015 it added France as a new market and launched new products
such as iZettle Advance, a loan service for small businesses.
iZettle grew revenues by 81 percent to 345 million Swedish
crowns ($38.1 mln) in 2015 while its operating loss increased to
258 million crowns from 228 million in 2014.
Investors include Intel Capital, Northzone, American
Express, Index Ventures and Banco Santander.
($1 = 0.9469 euros)
($1 = 9.0651 Swedish crowns)
(Reporting by Helena Soderpalm; editing by Niklas Pollard)