Stockholm, Sweden: Aug. 28 -- iZettle is introducing iZettle Advance, a new way for small businesses across Europe to obtain access to extra capital by getting an advance on future card sales.
To support the development and expansion of iZettle Advance and fuel the continued growth of its existing business, iZettle has closed a €60 million Series D funding round led by previous investors Intel Capital and Zouk Capital.
Starting today, iZettle Advance will gradually be made available throughout iZettle's European markets. iZettle Advance has already been a game changer for Jaime Morales, who runs and owns Chilimundo, a grocery store in Stockholm.
"As a small business, your cash-flow is often uneven and, until now, there have been no good financing alternatives to smoothen things out. iZettle Advance has allowed me to quickly ramp up the size of my product range, as well as to advertise on social media and radio," says Jaime Morales. "This has had a positive impact on my sales, no doubt about it."
From peer-to-peer lending to crowdsourcing, young businesses across Europe are increasingly turning to alternative sources of financing. iZettle users eligible for iZettle Advance will be pre-assessed for financing, so there's no need for any daunting paperwork. Upon approval, users will see funds deposited within days, and payback occurs automatically as a fraction of card sales. So when sales vary, payback varies with it.
"We have aimed to build a financing service that's completely tailored to the needs of small businesses. The service allows for small businesses to make the necessary investments in their operations, on their own terms and with minimal administration," says Carl-Richard Häggman, iZettle's Chief Risk Officer.
For iZettle, the introduction of iZettle Advance marks a first foray into a business beyond card payments, and is a milestone in the company's ambition to broaden its product and service offering.
To support the development and expansion of iZettle Advance and fuel iZettle's continued growth in existing and future markets, iZettle has raised a €60 million round of Series D funding, led by iZettle's previous investors Intel Capital and Zouk Capital, with participation from all of iZettle's existing institutional investors.
"Small companies have persistently been underserved by the traditional finance industry. We want small companies to thrive, and with iZettle Advance we're applying the exact same logic as when we started iZettle five years ago, and completely overhauled card payments acceptance for small businesses," says Jacob de Geer, iZettle's CEO and co-founder.
To find out more, visit www.izettle.com/advance
Source - press release