Sweden-based payment solutions platform iZettle has received a €30m debt funding deal from the European Investment Bank.
The loan will be made over the three coming years and will be used to help fund research and development of financial and commercial tools that help small companies.
Founded in 2010, iZettle is a mobile payments company which offers a variety of POS systems, including a product turning any smartphone or tablet it a terminal to accept cash, card, mobile and invoice payments. The platform also offers users invoice management services to help track unpaid bills and even send the customer a reminder after the due date.
iZettle CEO and co-founder Jacob de Geer said, “We’re proud to receive this stamp of approval from the EIB. It’s the type of offer you can’t refuse and it will allow us to further accelerate our growth and continue to level the playing field for small businesses, giving them access to tools to take on the big corporations.”
This deal is under the European Growth Finance Facility, which is supported by the European Fund for Strategic Investments, which is at the centre of European investments.
At the beginning of the year the payments solution provider secured a €60m Series D, of which €45m was in debt from Victory Park Capital and €15m was in venture growth from backers including Nordic powerhouses Creandum and Northzone as well as Index Ventures and MasterCard.
Last year the company acquired Scottish POS company intelligentpos, in an undisclosed deal, with the aim to expand its SME software offering.
Copyright © 2017 FinTech Global