iZettle nabs additional funding, eyes extensive expansion
Swedish digital commerce venture, iZettle, has raised an extra €40 million as it closes in on a $1 billion valuation. The investment by the Fourth National Swedish Pension Fund (AP4), early-stage VC firm Dawn and unspecified existing shareholders, builds on previous rounds that included Mastercard, American Express and Santander.
“We are currently in an extensive expansion phase and are in a unique position to make a difference for millions of small businesses. Through today’s announcement we’re able to allocate additional resources in order to accelerate our ambitious growth plan and product innovation. I’m proud to welcome such renowned, long-term investors to the iZettle family,” says Jacob de Geer, co-founder and CEO, iZettle.
“iZettle gives small businesses the digital tools they need to gain the competitive edge against big corporations, which is crucial in today’s technology driven market place. The company is a true disruptor and we are delighted to be co-leading the round in one of Europe’s signature FinTech businesses, as it continues its expansion drive,” says Josh Bell, General Partner at Dawn.
“We invest heavily in companies contributing to sustainable economic growth and are impressed by how iZettle has levelled the playing field for small businesses. We believe in their long-term development opportunity through their data-rich technology platform, built for scalability combined with five years of unique insights about the needs of small businesses, which makes it an attractive investment case,” says Per Colleen, Head of Fundamental Equities at The Fourth Swedish National Pension Fund.