iZettle buys Scottish POS startup to beef up SME offering

Swedish mobile payments player iZettle is acquiring Scottish point of sale (POS) startup intelligentpos in a move that will expand its software offering to SMEs.

The financial terms of the deal are undisclosed. Prior to the acquisition the Edinburgh-based startup had raised $770,000 in angel funding.

Stockholm-based iZettle has raised almost $173m in funding from investors including Northzone, Index Ventures and Santander’s InnoVentures fund.

It says the acquisition will add another €500m ($562m) to the €3bn ($3.4bn) it claims to process annually.

The purchase will also beef up what iZettle can offer its users with intelligentpos adding services beyond just payments such as reporting, inventory management and employee timesheets, through its tablet-based platform.

The move comes as US mobile payments giant Square begins to make moves into the European market. It last month posted job ads recruiting a compliance analyst and communications manager in London, as well as a technical customer support representative in Dublin.

Copyright © 2016 FINTECH GLOBAL

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