Swedish mobile point of sale company iZettle has raised about $80 million in funding, in part from U.S. investors.
Processing Content
The round includes debt funding from New York-based Victory Park Capital, and will be used to help pay for technology expansion and an acquisition of Scottish startup Intelligentpos. iZettle also appointed Maria Hedengren as CFO. Hedengren served in the same position at gaming company NetEnt.
iZettle did not immediately respond to a request for comment. In an interview on CNBC, iZettle CEO Jacob de Geer said the company is adding other services to its existing mobile point of sale technology to address the need to diversify in a competitive marketplace. He also said the company was planning its "next step" for the next 18 to 24 months.
An iZettle logo sits on the wall of the iZettle AB headquarters in Stockholm, Sweden, on Friday, Aug. 28, 2015. Swedish payments startup iZettle AB, a rival to Twitter Inc.founder Jack Dorsey's Square Inc., raised 60 million euros ($67 million) to expand in Europe and fund a plan to offer merchants cash advances on future card sales. Photographer: Johan Jeppsson/Bloomberg
Johan Jeppsson/Bloomberg
Intelligentpos allows iZettle to deliver management tools to restaurants and other types of merchants, enabling them to optimize table turnover, inventory and back office planning.
iZettle's CEO mentioned his industry was undergoing consolidation, and added the IPO market is heating up. He did not confirm plans to go public, nor did he discuss an expansion to the U.S. market or acquisition plans.
Square, the most recognizable mobile point of sale company in the U.S., has entered a series of collaborations to broaden its product mix and merchant reach. iZettle would need to find the a "strong distribution partner" for a move to the U.S., de Geer told CNBC.
GBank will serve as the bank partner for a cashless slot machine betting app that is looking to expand nationwide after getting a key regulatory approval in Nevada.
The payments company submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to create PayPal Bank. If approved, Mara McNeill, the former president and CEO of Toyota Financial Savings Bank, will serve as PayPal Bank's president.
The small Missouri community bank partnered with embedded banking provider Treasury Prime to connect with fintechs and signed on its first sponsoree earlier this year.
Visa launched its Stablecoin Advisory Practice, a value-added service from its consultancy arm Visa Consulting & Analytics, to help financial institutions, fintechs and merchants deploy stablecoin technology.
