A source close to Index Ventures has just informed TechCrunch, that the investment company will lead a €10 million financing round for iZettle.
The Stockholm-based Square competitor iZettle was founded in 2010 and launched its service in Sweden earlier this year. iZettle offers a free iPhone app and a mini chip card reader for the iPhone that lets anyone take card payments anytime, anywhere. The service is available for individuals and small businesses and there are no complicated contracts, fixed fees or hidden costs.
To process a transaction, users just need to follow a few simple steps: plug in the chip-card reader, enter the amount plus a description of the item for sale and a picture, and finally insert the buyer’s card into the reader. After this the buyer just needs to sign in to confirm that they would like to ‘pay’, and send an email receipt. iZettle deposits the funds super fast, by the next business day.
To find out more about this promising European provider of mobile card payments, check out their latest promotional video:
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