iZettle today announced the expansion of its Series B round of funding with the addition of American Express as an investor. The round already included investments by Greylock Partners, Northzone, MasterCard, SEB Private Equity, and Series A investors Index Ventures and Creandum.
STOCKHOLM – October 23, 2012: iZettle today announced the expansion of its Series B round of funding with the addition of American Express as an investor. The round already included investments by Greylock Partners, Northzone, MasterCard, SEB Private Equity, and Series A investors Index Ventures and Creandum. The investment by American Express provides iZettle with additional growth capital on top of the previously announced funding total of €25 million.
iZettle is using the funding for product development and expansion into new markets.
“The payments landscape is changing rapidly and we believe iZettle’s solution will play an important role in helping to further enable commerce – especially in small merchant segments that have historically relied on cash – by delivering a smart and convenient way for small businesses to accept consumer payments,” said Werner Decker, Senior Vice President, Merchant Services Europe at American Express.
iZettle’s mini chip-card reader and app, which turn an iPhone, iPad or Android device into a mobile credit card payment terminal, are available throughout the Nordics, and now being tested for commercial release in the U.K.
iZettle’s chip and signature solution has been very popular among small business owners and individual service providers, increasing the number of point of sale (POS) credit card terminals in the Nordics by more than10 percent since the company began operations in Sweden last August, and expanded to Denmark, Finland and Norway in February this year.
Since its start, iZettle has been compliant with both EMV, a global standard for interoperability, and the Payment Card Industry Data Security Standard (PCI-DSS). No sensitive data is ever stored on the mobile device or iZettle reader, and all data traffic is encrypted.