Zouk Capital leads €40m Series C funding round in iZettle
iZettle provides efficient mobile payment services for small enterprises
iZettle, Europe’s No.1 provider of mobile payment services and apps, has closed a €40 million Series C funding round. London-based growth investor Zouk Capital led the round, with participation from Dawn Capital and Intel Capital, and Series A and B investors Creandum, Greylock Partners, Index Ventures, Northzone and SEB Private Equity.
Investors in previous rounds included American Express, MasterCard and Banco Santander. Nathan Medlock, a principal in Zouk’s Growth Capital Team will join the iZettle board.
iZettle started in 2011, offering an easy way to take card payments using mini credit card readers that transform smartphones and tablets into cash registers. Today, small enterprises come to iZettle for tools to help grow their sales, from complete point-of-sale solutions to analytical apps which generate immediate sales reports.
“Using a card for payment is second nature to all of us, so it remains extraordinary that millions of small companies and traders are still locked out of this system by their size,” said Zouk’s CEO Samer Salty. “iZettle gives this huge market the ability to accept card payments, helping smaller enterprises save time, paper and energy while professionalising their operations.”
“Building on its early successes in Europe, we’re excited about iZettle’s growth plans and believe this round will give them the fire power required to execute on the next phase of expansion,” Salty added, “At the core of Zouk’s investment thesis is the emergence of what we call resource intelligence: recognising that not only should we be doing more with less, but that resources, processes and systems are more connected than ever. iZettle is a great example of this concept in action.” iZettle will use the funding to continue growing in existing markets as well as identifying new potential territories for expansion.
Said Jacob de Geer, iZettle co-founder and CEO: “Small businesses are the lifeblood of the global economy. Our mission from the start has been to democratize and simplify payments around the world to help small businesses grow their business.”
iZettle takes just minutes to set up and works with all major payment cards. With iZettle there’s no subscription, set up fee, monthly fee or minimum. Instead, iZettle merchants pay a small percentage of each transaction. iZettle then electronically deposits payments in the seller’s bank account.
Sweden’s Financial Supervisory Authority regulates iZettle, whose services are EMV (Europay, MasterCard and Visa) approved and compliant with the Payment Card Industry Data Security Standard (PCI DSS).
In addition to Mexico and Brazil, the iZettle app, Chip & PIN and Chip & Signature readers, and free business management software are now available in the U.K., Spain, Germany, Sweden, Denmark, Norway and Finland.
In a recent Tech5 competition by technology focused media company The Next Web, iZettle was ranked one of the three fastest growing companies in Europe.
About Zouk Capital
Zouk Capital is a private equity and infrastructure fund manager investing in the clean economy. Zouk’s distinctive dual-track strategy of Growth Capital and Infrastructure capitalizes on the investment opportunities created by the global shift to greater resource efficiency. The Growth Capital funds invest in companies that enable a more intelligent use of resources across sectors such as IT and communications management, industrial goods and services, energy and transport and logistics. The Infrastructure funds target capital gain returns by financing and constructing new assets from the late-stage of development in sectors such as distributed energy, energy efficiency, waste to energy and geothermal. Zouk has invested in the clean economy since 2000 and is one of the largest fund managers of its strategy in Europe. Zouk has €575m under management and offices in London and Singapore.
We believe running a business should be easier. At iZettle we come to work every day to build game-changing payment services and apps – from card readers for smartphones and tablets, to registers and tools for increasing sales. They are simple to set up and use, always secure, and help you build your business. But that’s not all; they actually make running a small business way more fun. Our headquarters may be in Stockholm, but we’re now used by hundreds of thousands of businesses in nine countries around the world. Join us at izettle.com.