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Swedish mobile payment developer iZettle seals $40m VC round

9 May 2014

European mobile payment services company iZettle has closed a €40m Series C funding led London-based growth investor Zouk Capital.

The round also saw participation from Dawn Capital and Intel Capital, and Series A and B investors Creandum, Greylock Partners, Index Ventures, Northzone and SEB Private Equity.

Investors in previous rounds included American Express, MasterCard and Banco Santander. Nathan Medlock, a principal in Zouk’s Growth Capital Team will join the iZettle board.

Stockholm-based iZettle said will use the funding to continue growing in existing markets as well as identifying new potential territories for expansion.

“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,” said Medlock. “iZettle gives this huge market the ability to accept card payments, helping smaller enterprises save time, paper and energy while professionalising their operations.”

iZettle started in 2011, offering a way to take card payments using mini credit card readers that transform smartphones and tablets into cash registers.

“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,” Medlock added, “At the core of Zouk’s investment thesis is the emergence of what we call resource intelligence: recognising that not only should we be doing more with less, but that resources, process and systems are more connected than ever. iZettle is a great example of this concept in action.”

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