European mobile card payments processor iZettle, raised $67m in Series D financing led by Intel Capital and Zouk Capital LLP. iZettle's move allows use of existing customer knowledge to grant those small merchants access to loans they couldn't easily receive from banks. Customer retention also remains strong as merchants will most likely maintain payment procesesing with their loan provider. The funding is intended for growth in existing markets; potentially US as well.
European mobile payments player, iZettle, which offers smaller merchants the ability to process card payments via its mobile card readers, is expanding into what amounts to small business loans — announcing a capital advance product, called iZettle Advance, which will be available to select iZettle customers who need funds to grow their own businesses. So it’s basically moving onto even more of the territory where traditional banks fear to tread. iZettle Advance will be rolled out gradually in its European markets starting with the Nordics, says CEO Jacob de Geer. The startup’s fastest growing markets at this stage are the Nordics, the U.K. and Brazil — although he adds it currently has no plans to offer the Advance product in Latin America at this point.