Sweden-based iZettle, a mobile payment technology provider backed by chipmaker Intel and payment services firms MasterCard and American Express, raised €60m ($63m) yesterday to increase its series D financing to $130m.
Investment firm Victory Park Capital provided €45m of the capital through its VPC Speciality Lending unit in the form of debt financing, according to TechCrunch, while the other €15m came from undisclosed existing backers.
The capital was provided at a flat valuation of $500m, TechCrunch has confirmed. It follows the initial $67m series D round, which was co-led by Intel’s corporate venturing unit, Intel Capital, and venture capital firm Zouk Capital in August 2015.
Founded in 2010, iZettle produces mobile payment services and technology for small businesses, including a point-of-sale app and card reader.
The company, which acquired point-of-sale technology developer Intelligentpos in September 2016, will use the cash to fund growth in Europe and Latin America.
The additional funding increased iZettle’s overall financing to about $235m, MasterCard having first invested as part of a $32m series B round in 2012 which also featured Greylock, Northzone and SEB Private Equity, a subsidiary of financial services provider SEB.
American Express invested an undisclosed amount later in 2012 before financial services firm Santander added $6.7m the following year.
Intel Capital participated in iZettle’s $61.3m series C round in 2014 together with Hasso Plattner Ventures, Zouk Capital, Dawn Capital, Index Ventures, Greylock, Northzone, Creandum and SEB Private Equity.
– Image courtesy of iZettle AB