Swedish-based payments firm iZettle has announced it will receive €30 million of funding from the European Investment Bank over the next three years. The funds are earmarked for research and development of financial and commercial tools that address the needs of smaller companies. The transaction comes under the European Growth Finance Facility, which benefits from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
EIB-Vice President Alexander Stubb says: “This loan is something that the EIB is proud of: It stands testimony to EIB’s ongoing effort to improve the access to funding for European mid-cap companies. iZettle is a young and innovative company which helps digitalise our economy and improves the business and cost structure of millions of small shops.”
Jacob de Geer, CEO and co-founder of iZettle says: “We’re proud to receive this stamp of approval from the EIB. It’s the type of offer you can’t refuse and it will allow us to further accelerate our growth and continue to level the playing field for small businesses, giving them access to tools to take on the big corporations.”
As the UK heads towards Brexit, it is perhaps instructive to see some of the important things that the EU does do with its gargantuan budget for start-ups and business that perhaps aren’t often highlighted by the media and critics. The EU can, after all, be about rather more than the regulation of banana curviness and so-called red tape.
iZettle remains an interesting company that is really starting to become more visible as it gains traction here in the UK. It’s increasingly available as a payment method, especially for businesses that neither want or need traditional card payment systems. Have you used iZettle yet?