iZettle raises USD 36 mln to boost technologies like AI

Thursday 21 September 2017 09:44 CET | News

iZettle has received EUR 30 million (USD 36 million) funding from the European Investment Bank, the lending arm of the European Union.

It appears the valuation is staying the same with this latest round: the money, as with earlier this year, is coming in the form of debt funding and will be distributed over the next three years, the company said.

It’s coming specifically from a strategy at the EIB to provide significant funding to startups to help boost the region’s tech economy, through something called the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. Others that have received backing through the EIB and the Investment Plan include MariaDB, which picked up USD 27 million from the EIB earlier this year.

iZettle is not specifying exactly how it will be using the funds, or what products it would like to see coming out of it, but for now the company has singled out four general areas where it will be using it: developing next-generation payments infrastructure; insights and actions through machine learning and artificial intelligence; digitalization of commerce processes and scaling legislative and compliance systems.

When iZettle last raised, its CEO said that it would in part be used to expand beyond mobile payments (and to possibly make acquisitions to meet that challenge), so that is another area where the EIB funding might also be used, to help develop those systems and for hiring talent to do that.

iZettle today is live across 10 countries in Europe, as well as Brazil and Mexico, and it does not disclose its revenue or user numbers.

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Keywords: iZettle, European Investment Bank, AI, startup, findung, digitalization
Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce