iZettle, a Swedish startup that enables individuals and small businesses to accept card payments via a card reader and smartphone or tablet, has raised €60m (£52m) in an extension to its 2015 Series D funding round.
The funding round is made up of equity from existing investors, including Intel, as well as debt funding from US-based Victory Park Capital, via its credit fund VPC Speciality Lending PLC. iZettle says the funds will be used to further grow its ‘offering to ensure it continuously innovates and keeps supporting the needs of small businesses in Europe and Latin America’. The funding has not changed the company’s $500m valuation.
Gordon Watson, partner at Victory Park Capital, said: “We have been following the impressive growth of iZettle since its inception… 2017 promises to be a vibrant and buoyant time for both iZettle and its market.”
In addition to the funding boost, the rival to Jack Dorsey’s Square also appointed Maria Hedengren as CFO. She brings the company more than 20 years’ experience and previously held the same position at NetEnt AB, a platform and games provider to casino and sportsbetting operators.
“Maria’s passion is gearing companies for growth and is exactly the type of person we need to get ready for the plans we have for 2017 and beyond,” says Jacob de Geer, founder and CEO of iZettle. “We are obviously impressed with the work that Maria has done for other fast moving tech companies, many of which live in heavily regulated environments like ours, and are more than excited by what she brings to the table”.