The company also announces closing €60 million Series D funding round.
Balancing the cash flow of small companies is often a struggle, as the credit card income versus the expenses can let you short.
iZettle aim to disrupt this situation by offering merchants an advance on future card sales with their new service iZettle Advance.
This service provides a lending program based on your sales estimation, that you pay back with a fee-fixed amount, through a fraction of your daily card operations. As the credit limits are pre-approved beforehand depending on your business, iZettle claims that with Advance you can forget the paper work.
“We have aimed to build a financing service that’s completely tailored to the needs of small businesses. The service allows for small businesses to make the necessary investments in their operations, on their own terms and with minimal administration,” says Carl-Richard Häggman, iZettle’s Chief Risk Officer.
To become a main actor on the EU and UK SME’S, iZettle raised €60 million round of Series D funding led by previous investors Intel Capital and Zouk Capital.
