Mobile payment company iZettle raises $11.2 million in Series A funding to expand outside of Sweden

Mobile payment company iZettle raises $11.2 million in Series A funding to expand outside of Sweden

Mobile payments company iZettle, which offers smart card reader for iPhone, received 8.2 million EUR (about $11.2 million) in Series A funding led by Index Ventures with co-investor Creandum and further investment from Charles Dunstone, CEO and Co-founder of The Carphone Warehouse.

The new money will be used to expand outside of Sweden as well as support the development of the iZettle service that enables anyone to take credit or debit card payments and makes it easy to share purchases with friends on Facebook.

iZettle’s free iOS app and mini chip-card reader launched in Sweden in August 2011 and became an instant hit in the AppStore, rocketing to number 1 in the finance category and number 4 in the overall App Store. Obviously there’s demand for such a product/service and the company is looking forward to see how and whether its service will work in the same fashion across in other parts of Europe (and the rest of the world). We’ll see how that adoption goes outside of tech-savvy Scandinavia…

Back to top ▴