Introduce iZettle to additional European markets
Social payments company iZettle is announcing today that it has secures EUR25 million (USD 31.4 million) worth of series B funding from Greylock Partners and Northzone (view press release). MasterCard, SEB Private Equity and Series A investors Index Ventures and Creandum will also be participating. iZettle is avalaible in the Nordics, and is being tested for commercial release in the UK. The funding will be used to introduce iZettle to additional European markets.
Using a mini chip card reader and an app, iZettle turns an iPad or iPhone into a credit card terminal for point of sale (POS) transactions. Instead of a monthly fee, users are charged for each transaction. For users in Sweden for example, the charge is 2.75% for MasterCard, Visa and Diners Club payments and 3.75% for American Express. iZettle is EMV (Europay, MasterCard and Visa) approved, and compliant with Payment Card Industry Data Security Standards (PCI DSS.) The number of POS credit card terminals have increased in the Nordics by 10% since the company began operations in Sweden in August last year and have expanded operations in Finland, Denmark and Norway in February of this year.
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