Home / Tech News & Announcements / European payments processor iZettle raises $67M and launches a cash advance service for SMBs (Paul Sawers/VentureBeat)

European payments processor iZettle raises $67M and launches a cash advance service for SMBs (Paul Sawers/VentureBeat)

European mobile payments processor iZettle has announced a fresh €60 million ($67 million) raise. The round was led by Intel Capital and Zouk Capital, both existing investors, and takes the company’s funding to almost €150 million ($168 million). While Jack Dorsey’s Square has been setting out to disrupt the epayments market for small to medium-sized businesses in North America and Japan, iZettle has been doing the same in its native Sweden, as well as Finland, Denmark, Norway, U.K., France, Germany, Netherlands, Spain, Brazil, and Mexico. As with Square, iZettle offers merchants a physical card reader and app, allowing them to easily accept card payments from customers. There are a number of other similar players in Europe, including Rocket Internet’s Payleven , based out of Germany, and London-headquartered SumUp . Today’s news also heralds a brand new service from the Stockholm-based startup — iZettle Advance will offer merchants an advance on future card sales. It’s effectively a lending program, with companies borrowing against projected income, paying the money back in instalments each day in proportion to card sales. Above: iZettle Advance Image Credit: iZettle This follows a trend we’ve seen elsewhere in the online payments realm — Square has offered Square Capital to U.S. businesses for some time , while PayPal has been doling out loans to small businesses, too . iZettle says that there are no payback deadlines, and the automated repayments vary in accordance with the merchant’s sales.

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European payments processor iZettle raises $67M and launches a cash advance service for SMBs (Paul Sawers/VentureBeat)

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