MCI Management invests in Swedish iZettle, leading European & LatAm mobile payments player.
The Warsaw-based VC and PE group – MCI Management, investing in European technology companies, announces its latest investment in Swedish iZettle, the leading mobile acceptance payments player in Europe and Latin America (operating in Sweden, Norway, Denmark, Finland, Germany, UK, Spain, the Netherlands, Mexico and Brazil).
MCI’s latest investment follows a round of Series D funding for iZettle, completed in July 2015. The round of €60 million ($67M) was led by Intel Capital and Zouk Capital, with the participation of Creandum, Dawn Capital, Index Ventures, Northzone and 83North.
iZettle offers merchants the ability to process card payments via its mobile card readers. In the United Kingdom, the company has already launched a card reader which supports Apple Pay and other contactless payment solutions e.g. Samsung Pay or NFC (contactless payment technology).
Further to the core products, the company has recently announced the launch of a capital advance product, called iZettle Advance. This service will be available to selected iZettle customers who need a working capital facility to grow their businesses.
The Series D investment will be used by iZettle for “continued growth” focused on further development & expansion of the company’s new product and enhancements to its existing payment platform.
iZettle is the next fintech investment in the MCI portfolio (after UK-based mobile remittance business – Azimo and Polish e-payments business eCard), with more projects in the pipeline, confirms the fund’s focus on companies disrupting financial sector.
“MCI’s funds invest in European category leaders with exceptional growth potential. Therefore, we are excited to support iZettle. What sets iZettle apart is that the company is at the forefront of technology and disruption of European financial and banking services market. We are actively seeking growth equity opportunities in fintech sector in such companies that fundamentally reshape the way we use financial sevices” – says Sylwester Janik, fund manager within MCI, also leading MCI’s fintech practice.
Anna is a passionate bilingual tech writer, geek and music lover.