Sweden’s iZettle raises EUR 40 mln in funding round: Reuters

Mobile payment solutions firm iZettle said on Wednesday it had raised 40 million euros ($47 million) in funding, bringing in one of Sweden’s largest pension funds as a new investor as it prepares for a listing.

The Swedish fintech start-up, operator of commerce platforms for small businesses in Europe and Latin America, said the funding round had been led by its early backer, venture capital firm Dawn, and the Fourth Swedish National Pension Fund (AP4)

“Through today’s announcement we’re able to allocate additional resources in order to accelerate our ambitious growth plan and product innovation,” iZettle co-founder and Chief Executive Jacob de Geer said in a statement.

Business daily Dagens Industri first reported on the fund-raising on Tuesday, citing undisclosed sources, saying the funding round valued the company at about 8 billion Swedish crowns ($951 million).

Established in 2010, iZettle is best known for offering small businesses and individuals a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers.

The fast-growing but loss-making company has said it is preparing for an eventual listing. Online news outlet Breakit reported in August, citing sources, that iZettle had appointed banks to handle the IPO.