$47 Million Funding Round for iZettle
It was a big day recently for iZettle, a company that deals in mobile point of sale (POS) operations. It landed a hefty $47 million payday in a round of investment that saw existing investors come back for more. Though iZettle has some pretty big plans for its new influx of cash, it’s got plans beyond the new payout as well that may make iZettle a big force, and not just in its native Sweden.
The funding round was led by its early backers Dawn and the Fourth Swedish National Pension Fund, though they weren’t the only ones in on the action. Several other existing investors also came into the fold, reports note, and that combined to give iZettle a healthy slug of capital infusion. There’s even word about a potential initial public offering (IPO) of stock afoot that may have potential investors checking their collective wallets.
Sometimes referred to as “the Square of Europe” thanks in large part to its similar nature of operations, iZettle currently operates in 12 different markets not just in Europe, but also in Latin America. Users can put iZettle to work accepting payments largely regardless of location, making it possible for everything from renaissance fairs to farmers’ markets to take payments and make sales.
A mobile POS system is an excellent idea, especially for small businesses. It’s not so much that they need the mobility, but rather that they need the simplicity that a mobile system represents. If the system is so easy to use that it can be hauled around, it can be readily set up in an office or a storefront and used like a current card reader system or the like. Since many of these systems also come with support for Europay / Mastercard / Visa (EMV) standards, that helps give businesses a chance to advance their card acceptance strategies without heavy investment.
Seeing iZettle succeed like this is encouraging for the overall market, and there will no doubt be plenty of interested businesses ready to augment current systems. It’s a safe bet that iZettle will be at least near the tip of the spear on this one.