iZettle dances with $55.5 million Series C round for Latin America and European Expansion
iZettle, Swedish mobile company, pockets $55.5 million in a series C round led by Zouk Capital with other participants such as Dawn Capital, Intel Capital, Creandum, Greylock, Index, Northzone, and SEB.
Jacob de Geer, CEO and Founder, shared in an interview his plans to solidify business growth through acquisitions to fill out its small-merchant service offerings beyond payments as well as push expansion in Latin America and Europe. Currently the company operates offices in Mexico, Brazil, UK, Spain, Germany, Sweden, Denmark, Norway, and Finland.
Since iZettle's founding in 2011, the company has expanded to more point-of-sale servies similar to cash registers and enhanced apps. They also have updated card reading hardware and adopted a more aggressive approach to new market expansion- their move to Latin America namely in partnership with Banco Santander. They also have moved away from online and focused their efforts offline for sales.
A Zouk Capital principal, Nathan Medlock parallels their investment strategy illuminating from iZettle:"At the core of Zouk's investment thesis is the emergence of what we call resource intelligence: recognising that not only should we be doing more with less, but that resources, process and systems are more connected than ever."
Previously, iZettle bagged $46.7 million with investors from the financial sector: American Express, MasterCard, and Banco Santander.