Commerce platform iZettle (MCI.TechVentures) raises $47M at a $950M valuation

Commerce platform iZettle (MCI.TechVentures) raises $47M at a $950M valuation


iZettle — the commerce platform based out of Stockholm that provides card transactions using smartphones and tablets as well as related accounting services — has raised another €40 million ($47 million) as it approaches a $1 billion valuation. The money will go towards expanding into more markets. iZettle currently operates in 12 countries in Europe and Latin America.

‘What you see right now is a proof point that the company is doing exceptionally well’ said Jacob de Geer CEO and co-founder. ‘In the last couple of months, we’ve had significant growth that led to taking the decision to accelerate the business.’ As for which countries it may tackle next, he said that Central and Eastern Europe are ‘absolutely’ in iZettle’s sights alongside more growth in Latin America.

The company noted a 60 percent rise in revenues in its last fiscal year and expected to narrow its loss year. In FY 2016 it had revenues of 643 million Swedish crowns ($76 million), up from SKr402 million in 2015; its net loss was SKr228 million versus SKr295 million in 2015.

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