Sweden-based mobile payment technology provider iZettle, which counts several corporates among its shareholders, raised €40m ($47.3m) yesterday at a valuation reported by Dagens Industri as approximately $950m.
Venture capital firm and long-term iZettle investor Dawn Capital led the round, investing together with the Fourth Swedish National Pension Fund and undisclosed existing backers.
Founded in 2010, iZettle launched its mobile payment platform for small businesses the following year and has since expanded that into a product that includes tools for tracking revenue, securing funding and invoicing.
The funding will support company growth and the development of new products. It increased the company’s overall financing to more than $280m.
Jacob de Geer, co-founder and chief executive of iZettle, said: “iZettle is currently in an extensive expansion phase and is in an unique position to make a difference for millions of small businesses.
“Through today’s announcement we’re able to allocate additional resources in order to accelerate our ambitious growth plan and product innovation. I’m proud to welcome such renowned, long-term investors to the iZettle family.”
The latest funding comes after iZettle closed a series D round featuring equity from semiconductor technology producer Intel’s corporate venturing unit, Intel Capital, at approximately $130m in January this year, at a reported $500m valuation.
Zouk Capital and unnamed existing backers also invested in the series D round, while a debt portion came from investment firm Victory Park Capital’s VPC Speciality Lending arm.
Intel Capital, Zouk Capital and Dawn Capital had previously invested in a $61.3m series C round for iZettle in 2014 that also featured Hasso Plattner Ventures, Index Ventures, Northzone, Creandum, Greylock Partners and financial services firm SEB’s Private Equity division.
The company raised $32m in a 2012 series B round that included payment services firm MasterCard, Greylock, Northzone and SEB Private Equity, before adding an undisclosed sum from another payment services provider, American Express, later in the year, and $6.7m from financial services firm Santander in 2013.
– Image courtesy of iZettle AB.