Mobile payments experts at iZettle raised another 25 million EUR in Series B funding. Greylock Partners and Northzone led the round, with MasterCard, SEB Private Equity and Series A investors Index Ventures and Creandum also participating.
iZettle’s mini chip-card reader and app, which turn an iPhone or iPad into a credit card terminal, are available throughout the Nordic region, and are now being tested for commercial release in the UK. Money from the Series B funds will be used to introduce iZettle in additional European markets and elsewhere around the world where chip-cards are the standard.
iZettle’s solution has been an instant hit among small business owners and individual service providers, increasing the number of point of sale (POS) credit card terminals in the Nordics by 10% since the company began operation in Sweden last August and expanded to Denmark, Finland and Norway in February this year.
iZettle takes just minutes to set up and has no monthly fee — instead, users are charged 2.75% for MasterCard, Visa and Diners Club card payments; and 3.75% of American Express payments.