iZettle raises EUR 40 mln Series C

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

iZettle is set to use the funding to continue expanding in existing markets as well as identifying new potential territories for expansion.

Started in 2011, iZettle provides hardware and software that can be used by small merchants to turn smartphones and tablets into mobile credit-card terminals. iZettle’s services are compliant with EMV (Europay, MasterCard and VISA) standards as well as with the Payment Card Industry Data Security Standard (PCI-DSS). No sensitive data is stored on the mobile device or iZettle reader and all data traffic is encrypted. In addition to Mexico and Brazil, the iZettle app, chip & PIN and chip & signature readers, and business management software are currently available in the UK, Spain, Germany, Sweden, Denmark, Norway and Finland.

In recent news, Elavon, a subsidiary of US Bancorp and a global payment solutions provider, has been selected by iZettle to provide the back-end card payment processing to small businesses across countries including the UK and Spain.