Square's Swedish Rival Gets $67 Million From Intel, Zouk Capital
- IZettle's valuation said to reach about $500 million
- Company to advance capital to merchants on future card income
The iZettle Lite.
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Swedish payments startup iZettle AB, a rival to Twitter Inc. founder Jack Dorsey’s Square Inc., raised 60 million euros ($67 million) to expand in Europe and fund a plan to offer merchants cash advances on future card sales.
The company, whose card-deck-sized devices are used by small businesses such as street-market vendors and neighborhood beauticians, completed the funding round led by existing investors Intel Capital and Zouk Capital, according to Jacob de Geer, iZettle’s founder and chief executive officer.