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izettle iZettle is a mobile payments company based in Stockholm, Sweden and markets a single application and service called iZettle. Jacob de Geer and Magnus Nilsson founded the company in April 2010 and launched its first app and service in 2011.

The mobile payments iZettle app and card readers allow individuals and small businesses in Sweden, Finland, Denmark, Norway, United Kingdom, Germany, France, Spain, the Netherlands, Mexico and Brazil, to accept card payments on their iOS or Android smartphone or tablet. The EMV-approved app supports both chip cards and magnetic stripe cards through the iZettle EMV-approved card readers through two plastic devices which either plug into the audio jack or connects wirelessly via Bluetooth to supported smartphones and tablets. The app’s interface resembles that of a traditional cash register.

iZettle was the first company to develop a chip-card reader and app for smartphone-based mobile commerce which meets international security requirements.

iZettle is a European mobile payments player, it offers smaller merchants the ability to process card payments via its mobile card readers, and it is expanding into small business loans called iZettle Advance, a capital advance product 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 similar to Square of Europe which sells merchants credit card readers that connect to mobile phones and tablets has raised $67.5 million, led by previous investors Intel Capital and Zouk Capital. To date iZettle has raised $168 million from American Express, Index Ventures, MasterCard and others.

While Square has created a foothold among small businesses in the U.S., iZettle has targeted businesses mainly in Europe and Latin America. iZettle says businesses can accept payments using its hardware and software in 11 countries including Sweden, Norway, Denmark, Finland, U.K., Germany, Spain, Mexico and Brazil.

iZettle offering cash advances is another potential source of revenue beyond payments. iZettle Founder and CEO Jacob De Geer said “Everyone told us that getting access to capital to growth their business was something they were all looking for but nothing they could find from the traditional banks. So with that in mind we thought this was a suitable product for them. There’s such a big gap in the market. Small businesses are looking for simple solutions and instant access — and we think we can provide them with that, with the current platform set-up that we have.

We have a pretty sophisticated on-boarding process since we have to deal with risk with every merchant that we on-board, both from a regulatory compliance perspective but also from a risk perspective. We can leverage pretty much on the things that we’ve come to learn over the last five years,” he says.

We add on top the history that the merchant has with us, over the time that they’ve been a customer — since this is a product that will only be offered to iZettle customers and not to anyone”