European mobile point of sale (mPOS) company iZettle received €60 million in its latest round of funding, which will be used to expand its product offering and fuel the next stage of the company’s growth.
The sum is a combination of money from existing investors and debt funding from US investment company Victory Park Capital. The cash will be used to expand iZettle’s product range and grow the company.
Discussing the investment, Victory Park Capital partner Gordon Watson said his company had been “following the impressive growth of iZettle since its inception” and wanted “to be part of its next chapter of growth.”
To help with the expansion plans, iZettle appointed Maria Hedengren (pictured, left) as CFO. Having formerly worked in a similar role for sports betting platform company NetEnt, iZettle CEO Jacob de Geer (pictured) said Hedengren’s experience made her “exactly the type of person we need to get ready for the plans we have for 2017 and beyond”.
Sweden-headquartered iZettle supplies mobile and contactless payment terminals to merchants across several markets in Europe and Latin America.
During 2015 the company received a cash-injection of €60 million from backers, and added loyalty features to its platform in 2016 following an acquisition of UK-based cloud-based POS platform intelligentpos.