iZettle’s ambition

While leading US mobile payment startup Square continues to work through an indefinitely delayed IPO, iZettle, its European rival, is enjoying continued investor interest. The company announced that it has raised $67 million in a funding round led by Intel Capital and Zouk Capital. The new round brings the company’s total funding to $168 million. Much like Square, iZettle targets SMEs and offers merchants a smart credit-card reader and an app to make it easier for them to process credit card payments. The company recently expanded to Mexico and Brazil and continues to serve its home country Sweden, as well as the UK, Norway, Denmark, Finland, Germany and Spain. Despite being tight lipped about the size of its user base, the company has stated that its doubled its transaction volumes to reach $2.3 billion in 2014 and claims that it controls 46% of card terminals in Sweden, 8% in Mexico, and 6% in the UK. iZettle continues to climb closer to its ambition of being the dominant payments player in Europe and Latin America.
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