The Spanish bank Banco Santander, one of Europe’s bigger, invested 45 million in Swedish iZettle, whose technology makes smartphones and tablet computers can be used as a debit card terminals.
iZettle already has distribution partnership with Banco Santander in Spain and the UK.
After the investment of five million has iZettle total brought in approximately $ 375 million in funding, mostly from venture capital firms Index Ventures and Creandum.
Izettles app and associated card reader allows mobile phones and tablet computers can be used to receive payments with different types of credit and debit cards. According iZettle increased the total number of POS terminals in Sweden by 25 percent in the first year since the service was launched.
iZettle is now available in seven European countries – Sweden, Finland, Norway, Denmark, Germany, Spain and the UK.
Competing technologies with card reader for mobile phones has been launched by U.S. Verifone and its Northern Group Point, as well as of payment technology company Kobil.
While Paypal has launched a card reader with keypad, connected to the phone via Bluetooth.
iZettle has both a wireless card reader with keypad and a simpler version without keypad that connects directly to your mobile – the payer signs the payment with your finger on the phone’s display.
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