Swedish pension funds AP1 and AMF have acquired shares in iZettle, investing a total of €20 million. The shares were acquired from early stage investors selling portions of their holdings.
The news follows the announcement of iZettle’s recent funding round of €40 million, led by venture capital firm Dawn and the Fourth Swedish National Pension Fund, AP4.
“We are pleased to welcome such renowned, long-term investors to iZettle. Today’s announcement means that we are able to offer AP1 and AMF a substantial holding and meaningful ownership in iZettle. We look forward to embarking on the next stage of our journey together,” says Jacob de Geer, co-founder and CEO of iZettle.
“Our mission is to deliver high, long-term returns while maintaining a low level of risk to the benefit of current and future pensioners. iZettle’s rapid yet sustainable growth and what they are doing for small businesses around the globe supports the potential we see in the company,” says Olof Jonasson, Head of Equities at Första AP-fonden, AP1.
“We are excited about the opportunity to invest in one of the most promising, innovative and fast growing Swedish tech companies of today. AMF’s mission is to deliver good and secure occupational pensions to our four million customers, and I believe that this investment has the potential to contribute to this in an good way. We look forward to follow iZettle more closely in the future,” says Anders Oscarsson, Head of Equities at AMF.
The majority of shares were acquired from Santander Innoventures, who will continue to retain a stake in iZettle.
iZettle is on a mission to help small business succeed in a world of giants. Founded in Stockholm in 2010, the financial technology company revolutionized mobile payments with the world’s first mini chip card reader and software for mobile devices. Today iZettle’s commerce platform for small businesses in Europe and Latin America provides tools to get paid, sell smarter and grow your business. Find out more information about iZettle’s small business community at iZettle.com
About Första AP-fonden (AP1)
Första AP-fonden (AP1) is one of five AP-funds which ensures stability in the Swedish national income pension system. AP1’s assets under management totals SEK 323 billion (30 June 2017) and the global portfolio consists of equities, fixed income securities and alternative investments. Första AP-fonden is a long-term investor and an active owner. In its role as owner, the Fund places high demands in the areas of environmental, social and corporate governance.
AMF is the pension company for everyone looking for simple and reliable pension solutions that deliver high returns at a low cost. AMF manages approximately SEK 600 billion in assets for 4 million customers. AMF is owned equally by the Swedish Trade Union Confederation (LO) and the Confederation of Swedish Enterprise and operated on mutual principles, entailing that all profits are returned to the customers.