iZettle, the Swedish maker of chip card readers for iPhones and iPads, announces today it has received €25 million in Series B funding. The round was led by Greylock Partners and Northzone. MasterCard, SEB Private Equity and Series A investors Index Ventures and Creandum are also participating in the round. The chip card reader is now being tested in the UK after being available in Sweden, Norway, Finland, and will apparently use the funds for expansion.
Whith the funds, iZettle is looking at the European and world markets, wherever chip-card readers are standard. This targets the company away from the U.S., where a similar company, Square, is located. Currently iZettle has 50,000 users across the Nordics and the UK.
Developers should also note that iZettle recently opened up their API, allowing developers to integrate the transaction solutions into their apps. Jacob de Geer, iZettle's CEO gives these examples:
“Now we’re making our API available so even more merchants and apps can use our solution. A food delivery company or event organising platform may already be using iPhone or iPad apps to take orders or issue tickets but often they can only take card payments online and not at the point of delivery or event. iZettle’s API will streamline this type of sales process by allowing companies to integrate our payment solution with their procurement or company applications. Ultimately, our API makes it easier and faster for users to process sales.”
This funding round should let the company pick up steam, and become a more dominant startup across Europe. It will also be interesting to see how they expand outside of the Europe, as their decisions will likely come down to smartphone and chip-card penetration.