iZettle is correctly called the ‘Square of Europe” and it came as no surprise i.e. the release of their API which allows for it to be integrated into numerous third party apps. Today the company was able to complete a $31.4 million series B of their funding as part of a bid to probably become the biggest provider of mobile payment in Europe. This latest round was led by big name investors like Greylock Partners, as well as Northzone, plus MasterCard seems to also be one of their investors along with SEB Private Equity.
With the latest round of funding done with the total investment in the company has now jumped to $46.7 million all of which according to Jacob de Geer who is iZettle’s co founder says will go into product development and will be used to continue building their mobile payment system. As of right now the service is available in Scandinavia and will be trailing in the UK pretty soon.
Ever since they started their service in their home market back in Sweden in August of 2011 the service has managed to pickup around 50,000 merchants which is far smaller than the 2 million milestone that was revealed by their larger competitor Square. But according to iZettle they have the potential to get to 20 million various merchants in and around Europe.
Currently iZettle is very guarded about disclosing their valuation on the eve of their funding news. But by comparison Square has managed to raise a good $141 million and has a valuation of over $4 billion. It will be interesting to see what iZettle does with all this investment flowing through and how it measures up to Square’s business in Europe.