Swedish mobile payment services provider iZettle has secured €60m in funding as iZettle Advance, its first foray beyond card payments, rolls out across Europe.
The funding round, led by previous investors Intel Capital and Zouk Capital, will support the growth of iZettle’s existing business and the development and expansion of iZettle Advance.
iZettle Advance is billed as ‘a new way’ for small businesses to obtain extra capital by borrowing against future card sales. Users are pre-assessed for financing and payback occurs automatically as a fraction of card sales.
The service is rolling out slowly across European markets, iZettle said.
According to Carl-Richard Hӓggman, chief risk officer at iZettle: “We have aimed to build a financing service that’s completely tailored to the needs of small business. The service allows for small businesses to make the necessary investments in their operations, on their own terms and with minimal administration.”
Jacob de Geer, iZettle’s co-founder and CEO, added: “Small companies have persistently been underserved by the traditional finance industry. We want small companies to thrive, and with iZettle Advance we’re applying the exact same logic as when we stated iZettle five years ago, and completely overhauled card payments acceptance for small businesses.”
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