Sweden-based mobile payments services provider iZettle raised €60m ($67.6m) today in a series D round co-led by Intel Capital, the corporate venturing arm of chip maker Intel, and venture capital firm Zouk Capital.
Founded in 2010, iZettle has created a handheld reader that retailers can use to accept card payments. The reader links to a smartphone app through Bluetooth to process the transaction.
The funding will support the launch of iZettle Advance, a feature enabling merchants to borrow money with a fixed fee that can be paid back in daily instalments through future card payments. The repayments are proportional to card sales and there is no deadline to pay off the loan.
The company closed a $61.3m series C round in July 2014 after Hasso Plattner Ventures added funding to a $55m Zouk Capital-led first tranche featuring Intel Capital, Dawn Capital, Index Ventures, Greylock Partners, Northzone, Creandum and SEB Private Equity.
Financial services provider Banco Santander invested more than $6.7m in iZettle in 2013.
Payment services firm Mastercard backed a $32m series B round in 2012 that also included Greylock, Northzone and SEB Private Equity before another payment processor, American Express, invested an undisclosed sum later the same year.
Index and Creandum led a $15m series A round in 2011 that also featured participation from Charles Dunstone, chief executive and co-founder of smartphone retail chain Carphone Warehouse.
– Photo courtesy of iZettle