European Payments Processor iZettle Raises €60 million to Diversify from Mobile Payments

European mobile payments processor iZettle has announced a fresh investment of €60 million, bringing overall investment in the company to almost €150 million ($168 million). This latest round was led by existing investors Intel Capital and Zouk Capital. There are millions of small merchants in Europe who deal in cash only. Banks have never come after their custom, leaving the market wide open for small fintech businesses. Foremost among these is the Stockholm-based start-up, which offers merchants a physical card reader and app, allowing them to easily accept card payments from customers. iZettle are disrupting the payments markets in nine European states, with business already established in the four Nordic countries, the Netherlands, the United Kingdom, France, Germany and Spain. The company also operates in Brazil and Mexico. As Jens Münch, iZettle’s chief strategy officer, explained to Lafferty News in a recent interview, there are no immediate plans to take on the US market. “We are already in markets with a combined population of 300 to 350 million so we’re very happy the challenges we have already set ourselves” he said. The announcement also saw the launch of a brand new offering from iZettle – iZettle Advance – a lending program that allows companies in need of funds to borrow against projected income. iZettle Advance will be made available to select existing iZettle customers, adding to the customer retention strategy of the company. Perhaps in a nod to such expansion, Münch told Lafferty News that “we provide a lot more than payments but payments is the initial entry point....payments is an enabler for us to get in the door with these businesses and show them other ways in which the digital world can help them.” The €60 million investment will be used to support the launch iZettle Advance, as well as fuel the company’s overall business. Jens Münch will appear at the upcoming New Payments Landscape conference in London on 8 and 9 October. There, global leaders in payments will join discussion panels and present keynote addresses as they look to define the future of the cards and payments industry. For more information, please visit www.laffertyevents.com.