January 11, 2017 / 8:01 AM / 3 years ago

Sweden's iZettle raises 60 mln euros, appoints CFO

STOCKHOLM, Jan 11 (Reuters) - Mobile payment solutions business iZettle has raised 60 million euros ($63 mln) in funding to help it fuel expansion and innovation, it said on Wednesday.

One of Europe’s fastest-growing tech start-ups, iZettle is among a group of fledgling fintech businesses taking on traditional banks.

It said the latest round of funding consists of equity from existing investors as well as debt funding from U.S.-based Victory Park Capital.

“The funds will be used to further grow iZettle’s offering to ensure it continuously innovates and keeps supporting the needs of small businesses in Europe and Latin America,” the firm said in a statement.

iZettle also said it had appointed Maria Hedengren as CFO. She previously held the same position at online gaming firm NetEnt.

Established in 2010, iZettle offers small businesses and individuals a way to take payments using mini credit card readers that turn smartphones or tablets into cash registers. In 2015 it added France as a new market and launched new products such as iZettle Advance, a loan service for small businesses.

iZettle grew revenues by 81 percent to 345 million Swedish crowns ($38.1 mln) in 2015 while its operating loss increased to 258 million crowns from 228 million in 2014.

Investors include Intel Capital, Northzone, American Express, Index Ventures and Banco Santander. ($1 = 0.9469 euros) ($1 = 9.0651 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard)

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