Spanish major bank invests in iZettle - Mobile

Swedish iZettle today provides a mobile card payments solution for small businesses in seven European countries (Sweden, Finland, Norway, Denmark, Germany, Spain and the UK). Now they want to expand into more markets.

As part of this work deepens the company’s existing collaboration with Spain-based Banco Santander, which also invested 45 million in iZettle and thus become shareholders. Banco Santander is the heaviest financial services provider in Spain and Latin America, and also has a strong position in the UK, Portugal, Germany, Poland and the United States.

– Banco Santander take a stake but the proportion is nothing we communicate. But it’s not about a majority, says Wilhelmina Douglas, PR manager at iZettle in Scandinavia, to Mobile.

Will iZettle be launched in Banco Santander’s brand or Izettles brand? In which countries and at what rate will you expand?

– We already have distribution agreements with banks in both Spain and the UK, where bank customers can buy iZettle at a discounted price. This occurs during iZettles own brand. Banco Santander, the euro zone’s largest bank by market capitalization, but the bank is also big in Latin America. Shortly, we will have more news about the expansion, reveals Douglas.

Does investment other novelties for iZettle, such as products, such as new features or integration with Banco Santander’s own mobile payment products?

– The investment is purely a strategic investment that is about to expand iZettle from a European company to a global one. And to do that we need a strong banking partner, she says.

Banco Santander’s investment in offering small businesses an alternative to traditional POS terminals and simple solutions to manage and keep track of their transactions, says Ramón Tellaeche, head of Santander cards at Banco Santander, in a press release today.

– We invest and believe in innovation that meets the evolving needs of our customers and we are confident that iZettles innovative technology will be crucial for many small businesses further business, he continues.

Please also read our review of mobile payment solutions, which iZettle is one of the identified solutions.