Sweden-base mobile payments firm iZettle has raised 60 million euros ($67.79 million) as it expands beyond its core card reader business to launch a financing service giving clients access to capital through advances on future card sales.
The firm, a maker of payment card readers for smartphones and tablets, said last week the capital injection was led by previous investors Intel Capital and Zouk Capital.
The funds will be used to support the expansion of the new service, called iZettle Advance, and boost growth in iZettle’s existing business.
iZettle, founded in 2010 and one of the hottest startups coming out of Sweden in recent years, has racked up “hundreds of thousands” of merchants using its card readers.
The Stockholm-based company, which focuses on small businesses and earns money through transaction fees, is seeking to add a new revenue stream with the financing service.
The company, which currently does business in nine countries in Europe as well as Mexico and Brazil, saw net sales grow 147 percent to 190 million Swedish crowns ($22.39 million) last year, while posting an operating loss of 228 million crowns,
iZettle has now raised a total of 145 million euros and de Geer declined to comment on what valuation the most recent funding round was carried out at. ($1 = 0.8851 euros) ($1 = 8.4866 Swedish crowns)
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